Energy logistics business ASCO, based in Aberdeen, has been acquired by UK-based private equity firm Endless in a move aimed at strengthening ASCO’s position in the renewables sector.

ASCO has more than 1,000 employees in the UK and 500 across 60 locations in nine countries and is increasingly active in new energy markets, including decommissioning.

Mike Pettigrew, who will succeed Peter France as chief executive on 2 October, said: “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.

“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.“

Andy Ross, partner at Endless, said: “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.“

Piper Sandler provided corporate finance advice to the vendors, while Ashurst handled the legal aspects of the transaction. Deloitte conducted financial and tax due diligence. Burness Paull advised the management team.

Other advisers were Walker Morris, KPMG, Lodestone, Jacksonbreen and PwC.