Buyout of Asco
Indigo’s fourth fund has invested a total of £21 million of mezzanine and equity in support of the £124 million management buy-in/buy-out of Asco. Headquartered in Aberdeen, Asco is a leading international provider of supply chain management and logistics services to the global offshore oil and gas industry, with operations in the UK, Norway, the USA, Canada, Trinidad and Azerbaijan. The transaction was led by UK middle-market equity sponsor Phoenix Equity Partners, who have introduced a new, high-calibre senior management team, led by Executive Chairman Billy Allan, into the business. Since completing the investment in October 2006, Asco has undertaken a number of strategically-important, bolt-on acquisitions and Indigo has demonstrated its commitment to being a supportive, long-term funding partner by advancing additional mezzanine funding to help finance these acquisitions. In late 2011, Asco was sold to another private equity investor with resources to continue the group's expansion.