Consortium of investors, Zander Topco Ltd, acquires ASCO Group Ltd (ASCO)

21 December 2020
|
Global , News

Change of Ownership

On 18 December 2020, ASCO Group Ltd (ASCO), the largest global provider of outsourced logistics services and solutions to the oil and gas industry, was acquired from DH Private Equity Partners by Zander Topco Ltd, a company which is owned by a consortium of investors. The transaction marked the exit by DH Private Equity Partners of its last portfolio company and includes a refinancing of ASCO’s existing banking facilities. Peter France, CEO, and the existing management team will continue to lead ASCO. Bob Keiller, former CEO of John Wood Group plc, has accepted the role of ASCO’s Non-Executive Chairman.

Disclosure:

Consortium of investors, Zander Topco Ltd, acquires ASCO Group Ltd (ASCO)

Investor consortium, Zander Topco Ltd has acquired ASCO, the last remaining portfolio company in Fund V of DH Private Equity Partners. The acquisition, which will also involve a refinancing of ASCO’s existing banking facilities, will secure a sustainable future for the 50-year-old business, which will continue operating as normal, with no change to existing operations. Peter France, CEO, and the existing management team will continue to lead ASCO. Bob Keiller, former CEO of John Wood Group plc, has accepted the role of ASCO’s Non-Executive Chairman.

Headquartered in Aberdeen, Scotland, ASCO is a leading global provider of multi-site integrated supply base operations to the oil and gas industry (both onshore and offshore). It employs c.1,500 employees and operates in over 70 strategically positioned locations, serving offshore energy operators and major service companies in eight countries, across five continents.

Commenting on the announcement, ASCO’s CEO, Peter France said: “We are pleased to have successfully completed the sale of the Company and we are also excited to be continuing our journey with ASCO’s new investors.

“ASCO has remained resilient during 2020 despite the challenges of changing customer demand which followed the oil price slump in March, and the COVID-19 related restrictions imposed throughout many of ASCO’s main geographic markets. All our operating locations have remained open despite restrictions and our customers have continued to value and recognise the essential nature of ASCO’s services during these difficult times. Throughout this period, ASCO management has continued to treat the safety and well-being of its own staff and all other people interacting with ASCO as a fundamental obsession.

“ASCO has maintained good financial liquidity throughout 2020 and, in conjunction with the sale, has also secured a refinance of its banking facilities allowing us to focus on the exciting plans that we have for the future.”

John Gemmell, Partner at DH Private Equity Partners said: “We would like to thank Peter France, CFO Gary Paver and the wider ASCO management team for the significant improvements that have taken place during their time at ASCO so far. The sale and refinancing of the Company provide a solid future platform for ASCO and we wish the team all the best for the future.”