The transaction marks 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 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.
The Ashurst team was led by partner Martyn Rogers, assisted by partners Braeden Donnelly and Bruce MacDonald (corporate), Drew Sainsbury and Ru-Woei Foong (restructuring), Nick Gardner (tax), Neil Cuninghame (competition), Eleanor Reeves (real estate), Ruch Buchanan (employment) and Jane Fissenden and Ken Tang (global loans).
Commenting Martyn Rogers said:
"We are delighted to have assisted the Investor Consortium and ASCO on this transaction. ASCO has maintained good financial liquidity throughout 2020 and, in conjunction with the sale, has also secured a refinancing of its banking facilities, providing it with a solid platform to focus on its future plans."
