Thu, 25 Aug 2011 | BUSINESS SALE
Oil and gas logistics firm Asco Group, based in Aberdeen is gearing up for a sale as it looks to gain new funding to support a new phase of overseas expansion.
Its private equity owner, Phoenix Equity Partners, has brought in advisory company Lexicon Partners to assess options for the fast growing business, to include a full or part sale. Asco Group’s logistics services involve operating supply bases and transporting hazardous waste for the oil and gas industry.
Over the past few years Asco has set up numerous new bases in Asia and the Middle East. This expansion beyond its North Sea business is a major contributor to its turnover doubling from £240 million in 2005 to over £500 million in the past year. Its staff numbers increased by a third to more than 1,500 in the same time frame.
Discussions have begun between Lexicon and potential investors, who could buy the entire business or a stakeholding. It is estimated by industry watchers that, based on Asco’s profits of £30 million for the past 12 months, it could sell for £300 million.
Asco’s chief executive Billy Allan joined when Phoenix purchased the firm five years ago, and is thought likely to stay, along with his management team, if a sale takes place.
This business presents a robust opportunity with an established client base across multiple sectors and a strong management team.
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A well-established accounting practice in West Sussex is now available for acquisition, presenting a unique opportunity for expansion or entry into a thriving market.
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