Energy logistics giant Asco, of Aberdeen, is starting the week under new ownership after changing hands for the second time in three years.
A consortium of bosses and lenders have sold the business to private equity firm Endless for an undisclosed sum.
The deal means a boardroom exit for north-east entrepreneur Bob Keiller, who is stepping down from the chairman’s role he has had since Asco’s previous sale in 2020.
Another change looming at the top
Chief executive Peter France was already due to quit the business and will join Surry-based TT Electronics as CEO later this year.
Mike Pettigrew, currently managing director in the UK for Asco, will take over the helm from Mr France in October.
Asco employs around 1,500 people golbally, with about two-thirds working in the UK.
It is a major employer in the north-east, where it has a workforce totalling about 900.
UK bases include facilities in Aberdeen, Peterhead and Great Yarmouth. Overseas operations span Australia, Canada, Norway, Senegal, Suriname and Trinidad & Tobago.
An investment consortium trading as Zander Topco took over the business in late 2020.
London-based DH Private Equity Partners, the previous owner, sold it for an undisclosed sum.
Zander Topco’s last published accounts show turnover for the 2021 calendar year came in at £419 million, up £72m, or nearly 21%, from about £347m in the previous 12 months.
We have a great team, and I am looking forward to leading Asco on the next chapter.”
Mike Pettigrew, soon-to-be chief executive, Asco
Endless is a UK-based private equity investor with offices in Leeds, Manchester and London. Launched in 2005, it says it has invested in nearly 100 businesses to date and now boasts more than £1billion of funds under management.
The firm said its latest investment would allow Asco to take advantage of energy transition oppoprtunities.
Endless partner Andy Ross added: “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.”
Mr Pettigrew said: “Over the last few years Asco has succeeded in supporting its longstanding existing customer base, whilst also expanding into the renewables market.
“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.”
Asco was established as Aberdeen Service Company (North Sea) in 1967 at the outset of North Sea oil and gas exploration. Founder Jimmy Simpson launched the business following a chance meeting with a visiting looking for a warehouse in the Granite City.
Asco’s new board missing key player
The company now needs a new chairperson.
While Mr Keiller, 59, is no longer in the post, he has plenty else to keep him busy.
He is chairman of Aberdeen and Grampian Chamber of Commerce and at the heart of efforts to improve the Granite City’s main thoroughfare as leader of the Our Union Street campaign. He is a former CEO of Aberdeen-based engineering and consultancy services firm Wood and past chairman of economic development quango Scottish Enterprise.
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