ENDLESS takes majority stake in ASCO

Endless acquired ASCO Group from its existing shareholders on 11 August 2023, taking control of the Aberdeen-based provider of supply base and logistics services to the energy industry. At the time of the deal, ASCO operated from 60 locations in nine countries and employed more than 1,000 people in the United Kingdom and a further 500 elsewhere. The purchase was intended to strengthen ASCO’s position in renewables and new energy and to let it take advantage of the energy transition, building on the alliances it had formed in carbon capture and hydrogen and the work it had already done on North Sea wind projects. Mike Pettigrew took over as chief executive on 2 October 2023, succeeding Peter France under a planned transition. The vendors were advised by Piper Sandler on corporate finance, Ashurst on legal matters and Deloitte on financial and tax due diligence, while management worked with Burness Paull. Endless was advised by Walker Morris on legal matters, KPMG on tax, Lodestone on political risk, Jacksonbreen on IT and PwC on debt.