Endless takes over energy logistics group ASCO

Aberdeen-based energy logistics group, ASCO, has been acquired by UK private equity firm Endless for an undisclosed sum.

With over 1,000 employees in the UK with a further 500 across its international operations, ASCO operates from 60 locations in nine countries across six continents.

The acquisition of ASCO is expected to strengthen the company’s position in the renewables and new energy markets, Endless said.

Mike Pettigrew, currently managing director in the UK for ASCO, will assume the role of CEO in October from Peter France, following a planned 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. 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,” said Pettigrew.

Founded in 2005, Endless has invested in nearly 100 businesses to date and now boasts more than £1bn of funds under management.

Andy Ross, partner at Endless, added: “We are delighted to support Mike and the entire ASCO team on the next stage of their journey. 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.”