New Ownership at ASCO to Drive Growth in New Energy Markets

Private equity firm Endless LLP acquired ASCO on 11 August 2023. ASCO is focused on supporting the energy industry with innovative solutions for their logistics and material management requirements incorporating a full suite of services, including stevedoring, environmental services, bunkering, marine, aviation, ships agency, lifting assurance, training, and personnel solutions. 

Headquartered in Aberdeen, Scotland, ASCO is a leading global provider of multi-site integrated supply base operations to the energy industry. ASCO has over 1,000 employees in the UK with a further 500 across its international operations. It operates from 60 strategically placed locations in nine countries across six continents serving offshore energy operators, developers and major service companies in the renewables, new energy, oil & gas, and decommissioning markets.

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 energy transition. As previously announced, Mike Pettigrew will assume the role of CEO on the 2nd of October from Peter France, following a planned transition.  

Mike Pettigrew commented: 
"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. 

“Leveraging over 50 years of extensive offshore logistics experience, we look forward to working closely with Andy and the team at Endless to further build on our growth during this exciting period for the energy industry.”

"We have a great team, and I am looking forward to leading ASCO on the next chapter."

Andy Ross, Partner at Endless LLP said: 
"We are delighted to support Mike and the entire ASCO team on the next stage of their journey. ASCO is a fantastic business with great potential for further growth.

"It is an exciting time in the energy sector both in the UK and internationally. ASCO is well placed to support its customers to accelerate the energy transition."

Advisors for the vendors were Piper Sandler (Corporate Finance); Ashurst (Legal); and Deloitte (Financial and Tax Due Diligence). Management was advised by Burness Paull 
(Legal).

Endless were advised by Walker Morris (Legal); KPMG (Tax); Lodestone (Political); Jacksonbreen (IT); and PwC (Debt).

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