World's largest oil and gas supply firm sold
The oil and gas industry's biggest supply firm was sold last night (November 27).
The firm, ASCO Group which was owned by Phoenix Equity Partners, has been bought by Doughty Hanson.
ASCO supplies goods from drilling equipment to food supplies to oil rigs it is also involved in oilfield waste management.
The company, which has just over 1,500 employees, had a turnover of £514,776,000 and made a pre-tax profit of more than £5m in 2010.
However full financial details of the transaction have not been released, but the deal is rumoured to worth around £250m.
Doughty Hanson principal, John Gemmell, said today: "ASCO enjoys long-term relationships with a diversified client base including O&G majors as well as independent operators and service providers.
"It performed strongly through the downturn and we look forward to working with its experienced management to support its continued growth."
The deal, which is subject to the usual regulatory rules, is expected to close in December 2011.