UK mid-market private equity firm Phoenix Equity Partners has reached agreement for the sale of ASCO to Doughty Hanson & Co.
ASCO provides oilfield logistics services, co-ordinating the supply of goods destined for (and returning from) oil rigs and platforms. This includes the delivery of everything from drilling equipment to food supplies. ASCO is also involved in specialist international logistics and oilfield waste management.
Phoenix acquired ASCO in October 2006. The acquisition was made in partnership with a new management team recruited by Phoenix. The senior management team, led by Billy Allan, has executed an ambitious growth plan for the business, which has transformed ASCO into the leading global provider of specialist logistics services to the oil and gas industry.
During the period of Phoenix’s ownership, ASCO completed 10 bolt-on acquisitions, expanding its business in the UK, Canada and Trinidad, and adding operations in Azerbaijan and Australia. In addition, the business has grown organically through the opening of operations in Singapore and Oman.
Richard Daw (pictured), a Partner of Phoenix, says; "We are delighted to have had the opportunity to work with Billy Allan and his management team to develop ASCO into a truly market leading business. We wish them, and Doughty Hanson, every success in the ongoing development of ASCO."
Phoenix and the other shareholders in ASCO were advised by Evercore Partners and Travers Smith.
