Scotland – LAWFUEL – Legal News, Legal Jobs Network – DLA Piper Scotland LLP has advised the management team on the Phoenix Equity Partners £125m buy-in of Aberdeen based oil and gas services company, Asco Group plc.
The deal is said to be one of the largest buy-out deals in Scotland this year. Phoenix Equity Partners focus on investing in and supporting outstanding private UK companies. This is the third investment from Phoenix’s £375m fund raised in April.
Asco is a provider of supply chain management services and solutions to the international oil and gas sector and related industries. Key services encompass logistics, fuels and lubricants, environmental services, freight forwarding and personnel services. Asco operates primarily in the UK and Norwegian sectors of the North Sea, the Gulf of Mexico, Brazil, Trinidad and Eastern Canada.
As a result of the deal Pheonix Equity Partners are revamping the management team, bringing in Billy Allan as executive chairman. Allan was formerly chief executive of Stiell Group which he built up before selling on to Alfred McAlpine.
Paul Pignatelli, DLA Piper Scotland corporate partner commented: “This is one of, if not the, biggest management deal in Scotland this year. It marks a tremendous opportunity for the management and employees in an oil and gas market which is strong and continuing to show encouraging signs.”
Partners Greg Morris, Mark Burgess and Simon Rae were also involved in this deal and were assisted by associate Brian Campbell, solicitors Christine Kerr and Iain Skinner and trainee solicitor, Gemma Hamilton.