Aberdeen-headquartered logistics group ASCO has been bought by Leed-based private equity firm Endless LLP for an undisclosed sum.
ASCO has over 1,000 employees in the UK and a further 500 across its international operations.
The firms said the deal will strengthen ASCO’s position in the renewables and new energy markets.
The acquisition marks the exit of ASCO’s current owner, investment consortium Zander Topco, which bought the firm from DH Private Equity Partners in 2020.
Pettigrew 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.”
Endless partner Andrew Ross said: “ASCO is a fantastic business servicing a blue-chip customer base across its global operations with great potential for further growth.
“It is an exciting time in the energy sector both in the UK and internationally and ASCO is well placed to support its customers to accelerate the energy transition.
“We are looking forward to supporting Mike and the entire ASCO team to deliver the global opportunities available to the business across both current and new service lines.”