INTERNATIONAL oil and gas logistics company Asco has been sold to private equity firm Doughty Hanson in a deal believed to be worth up to £250million.
The Aberdeen-based firm said yesterday new ownership would give it the investment to double in size in five years.
Asco was sold by Phoenix Equity Partners, and while the value of the deal was not disclosed a source close to the company said it was bought for between £200-250million.
Asco, which employs 1,600 people including about 700 in the north-east, had previously said investment would allow it to take advantage of opportunities in markets including Brazil, the Gulf of Mexico and south-east Asia.
Asco said yesterday that chief executive Billy Allan and the rest of the management team would stay with the company.
Mr Allan said: “Having Doughty Hanson behind us is fantastic news for the business and I’m looking forward to developing a strong partnership with them.
“Over the last five years Asco has consolidated its market-leading position and it’s clear that Doughty Hanson’s aspirations and enthusiasm for our business moving forward will add significant momentum as we move into our next exciting international growth phase.
“With the backing of Doughty Hanson the future for our staff and customers will be exciting.”
Doughty Hanson said it bought Asco to give it a foothold in the outsourced logistics market and said it saw significant, long-term growth potential in the industry.
The firm’s principal, John Gemmell, said: “With growing demand for energy, the company is well positioned to benefit from the trend towards specialist outsourced logistics, particularly in the emerging high-growth oil and gas markets.
“Asco enjoys long-term relationships with a diversified client base including oil and gas majors as well as independent operators and service providers.
“It performed strongly through the downturn and we look forward to working with its experienced management to support its continued growth.”
Asco and Phoenix were advised in the deal by US investment bank Evercore Partners and senior adviser Dave Blackwood, former head of BP’s Aberdeen-based North Sea operation, said the sale would allow Asco to fulfil its potential.
He said: “This is great news for the company and for the north-east.”