Logistics firm secures PE-backing to strengthen renewables offering
Tue, 15 Aug 2023 | BUSINESS SALE
Logistics giant ASCO has been acquired by private equity firm Endless LLP in a deal designed to strengthen the target company’s position in the renewables market. ASCO is headquartered in Aberdeen and provides supply base operations for the energy industry.
The company has more than 1,000 UK employees and a further 500 internationally. It handles over 1.3 million tonnes of cargo per year and has an overall warehouse footprint covering more than 150,000 square metres, with 60 locations across nine countries and six continents.
The firm’s acquisition by Endless comes at a time when M&A is increasing in the logistics industry and with ESG becoming a vital factor in how private equity investors deploy their funds. ASCO provides services to offshore energy operators, service companies and developers in the renewables, oil & gas, new energy and decommissioning markets.
Endless’ backing aims to strengthen the firm’s position in the renewables and new energy markets and to capitalise on the growing opportunities arising from the global energy transition. Endless partner Andrew Ross said that ASCO had “a blue-chip customer base across its global operations with great potential for further growth.”
Ross added that the company was “well placed to support its customers to accelerate the energy transition” and that Endless would support the firm’s leadership team “to deliver the global opportunities available to the business across both current and new service lines.”
Mike Pettigrew, who will assume the role of ASCO CEO from Peter France on October 2 2023, said that, over recent years, ASCO had “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.”
Pettigrew continued: “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 50 years of extensive offshore logistics experience with our focused approach to sustainability, we’re well positioned to capitalise on the significant opportunities arising from the energy transition.”
Read about how ESG has become a vital consideration in M&A
Find out more about developing M&A trends in the logistics industry
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