The offshore logistics provider ASCO Group Ltd has been acquired by British private equity firm Endless LLP.
The company said that 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.
”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,” said Mike Pettigrew, who will assume the role of CEO on the 2 October.
“We look forward to working closely with the team at Endless to further build on our growth during this exciting period for the energy industry.”
Headquartered in Aberdeen, Scotland, ASCO is a leading global provider of multi-site integrated supply base operations to the energy industry.
The company 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 service companies in the renewables, new energy, oil, gas and decommissioning markets.
Over the years, the company’s commitment to supporting new energy development has led it to build strategic alliances in new energy ventures such as carbon capture utilisation and storage and hydrogen.
“ASCO is a fantastic business with great potential for further growth,” said Andy Ross, partner at Endless LLP.
“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.”