Phoenix builds ASCO

ASCO Group, the oil and gas specialist portfolio company owned by UK private equity firm Phoenix Equity Partners, has acquired Seletar Shipping and HFS Liquid Waste for £34m.

The two acquisitions mark the sixth and seventh bolt-on acquisitions the company has completed since its purchase in 2006.

Aberdeen-based Seletar will provide a platform for the international development of ASCO’s marine services division. Having spent the past two years developing logistics activities in Trinidad, Canada, Norway and Azerbaijan, the company now plans to launch its marine capabilities in this market. HFS Liquid Waste will allow ASCO to penetrate the English market sector.

Phoenix acquired ASCO in 2006 for £124m. Its previous five bolt-on acquisitions were completed in Canada, Norway, Azerbaijan and the UK.