Phoenix buys ASCO for £124m

ASCO generated turnover of approximately £240m in 2005. In its core North Sea market, the company operates quayside infrastructure at the strategic ports of Aberdeen, Peterhead and Great Yarmouth, supporting its customers in the management of goods destined for (and returning from) offshore oil and gas drilling and production platforms.

The group also has an international presence, with operations in the US, Canada and Trinidad. ASCO's US fuels business and its Norwegian logistics subsidiary have been excluded from the transaction.

Richard Daw, partner at Phoenix with responsibility for transport, logistics and business services, said, 'We are very pleased to have the opportunity to acquire ASCO, a clear leader in its market with an excellent customer base and an outstanding workforce. With the addition of Billy Allan to the team, ASCO is well placed to capitalise on these assets to deliver growth. The acquisition of ASCO is the second investment in the transport, logistics and business services sector from our new fund, and demonstrates our continuing enthusiasm to back high quality management teams in the sector.'

The acquisition of ASCO is the third investment from Phoenix's £375m Phoenix Equity Partners 2006 Fund, raised in April 2006.

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