Calash advises ASCO on receiving investment from Endless LLP

Calash is pleased to announce that it provided vendor commercial due diligence to ASCO, a global provider of multi-site integrated supply base operations to the energy industry, in support of its sale to UK-based private equity investor Endless LLP.

The Aberdeen-based company supports the energy industry with logistics and material management services, including stevedoring, environmental services, bunkering, marine, aviation, ships agency, lifting assurance, training, and personnel solutions.

Calash provided vendor commercial due diligence on behalf of ASCO and its other advisors, which included a review of its business activities, underlying commercial drivers across the oil and gas and renewables sectors, a review of its addressable market, a competitive analysis exercise, a review of its business plan, and extensive customer and market referencing.

The acquisition by Endless will strengthen ASCO’s position in the growing renewables and new energy markets, enabling it to capitalise on the increasing opportunities presented by the global energy transition. The deal has been funded from Endless Fund V, which invests in UK mid-market companies to support them on their transformation journey.

The Calash team included Iain Gallow, Rob Neves, and Callum Evett. 

“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.”

Mike Pettigrew, incoming CEO, ASCO

Read the full press release Here

ASCO is a leading global provider of multi-site integrated supply base operations to the energy industry handling over 1.3 million tonnes of cargo each year with an overall warehouse footprint in excess of 150,000m2. It has over 1,000 employees in the UK, with a further 500 across its international operations. It operates from 60 strategically placed locations in nine countries across six continents, serving offshore energy operators, developers and major service companies in the renewables, new energy, oil and gas, and decommissioning markets.

Endless invests in companies with clear potential for value development, who find themselves in complex (special) situations requiring an investment in time, skill, and capital. Since 2005, it has raised GBP 1.5bn across eight funds, having performed over 100 acquisitions to date.