International oil and gas logistics company Asco was sold in November to private equity firm Doughty Hanson in a deal believed to be worth up to £250million.
The Aberdeen-based firm said new ownership would give it the investment to double in size in five years.
Asco, which was sold by Phoenix Equity Partners, employs 1,600 people, including about 700 in the north-east.
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.
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 at the time: “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 indepen-dent 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.”