Aberdeen-headquartered energy logistics business ASCO has been acquired by UK-based private equity firm Endless.
ASCO provides multi-site integrated supply chain operations to the energy industry handling over 1.3 million tonnes of cargo each year with an overall warehouse footprint in excess of 150,000 square metres. It has over 1,000 UK employees with a further 500 across its international operations.
Announcing the deal, Endless said the acquisition “will further strengthen ASCO’s position in the growing renewables and new energy markets, enabling it to capitalise on the increasing opportunities presented by the global energy transition”.
It added that Endless will continue to support the current management team, including the planned transition of new chief executive Mike Pettigrew (pictured), who takes on the role from Peter France on 2 October.
Andrew Ross, Endless partner, said: “ASCO is a fantastic business servicing a blue-chip customer base across its global operations with great potential for further growth.
“It is an exciting time in the energy sector both in the UK and internationally and ASCO is well placed to support its customers to accelerate the energy transition.
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“We are looking forward to supporting Mike and the entire ASCO team to deliver the global opportunities available to the business across both current and new service lines.”
Mike Pettigrew added: “Over the last few years, ASCO has succeeded in supporting its longstanding existing customer base whilst also expanding into the renewables market, actively contributing to numerous wind projects in the North Sea.
“Our commitment to supporting all new energy development has led us to build strategic alliances in cutting-edge energy ventures such as carbon capture utilisation and storage and hydrogen projects.
“Leveraging over fifty years of extensive offshore logistics experience with our focussed approach to sustainability, we’re well positioned to capitalise on the significant opportunities arising from the energy transition.
“We look forward to working closely with Endless to further build on our growth during this exciting period for the energy industry.
The deal has been funded from Endless Fund V which invests in UK mid-market companies. Other businesses currently in the Endless investment portfolio include Menzies Distribution.