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BZ Leads £80 Million
Multi-Jurisdictional Club Facility for ASCO

BZ is delighted to announce the completion of an £80 million asset-based lending facility, working with club partner Leumi ABL in support of Endless LLP’s acquisition of ASCO. This multi-jurisdictional facility, structured and led by BZ, consists of receivables, work in progress, property, and a cash flow loan. The comprehensive funding package supports entities in the UK, Norway, and Canada.

Established for over 50 years, ASCO is a leading materials management and logistics company in the global energy industry. ASCO operates various business units across the UK, Norway, Canada, Australia, Trinidad and Senegal that provide shoreside logistics and a range of complementary services. Its client base comprises large energy companies seeking end-to-end logistics from a single provider. Following the acquisition by Endless in August 2023, ASCO is focused on growth opportunities in the UK and overseas as well as exciting prospects in renewable energy.

Tony Wright, CFO of ASCO, commented:
“This transaction with BZ and Leumi is a transformative step forward for ASCO, significantly strengthening our balance sheet. It enables the Group to accelerate our growth strategy and capitalise on the numerous opportunities we see in both current and future markets. We have received incredible support from Endless and our advisors in successfully delivering this facility, and we look forward to our partnership with BZ and Leumi helping us achieve our growth aspirations across the entire energy industry.” 

Richard Siddall, Debt & Capital Advisory Partner, PwC, said:
ASCO’s vision to strengthen its position as a leading global provider of supply base operations to the energy industry is compelling, and PwC is delighted and proud to have been given the opportunity to deploy its experienced, cross functional Debt and Capital Advisory team to assist Endless and the business in conveying this story to the debt markets, and structure the right facilities for the company.


The comprehensive funding package, led by BZ with support from club partner Leumi ABL, ensures ASCO can capitalise on the growing renewables market while continuing to support its existing customer base.

The process was very competitive, confirming strong market appetite for robust and well positioned businesses like ASCO. We are confident that the business, with its expert leadership, supportive owner and collaborative lenders, is well placed to deliver on the opportunities presented by the global energy transition.

Commenting on the deal, Robert Wakeford, Managing Director of BZ, said: 
“We are thrilled to support ASCO and Endless in this significant multi-jurisdictional transaction, which provides substantial headroom for growth. Our all-asset funding structure will enable ASCO to expand and capitalise on new growth opportunities in the dynamically evolving energy sector as the group focuses on growing market opportunities in decommissioning, offshore wind, clean fuels, carbon capture and storage.”

Ben Milner, Regional Director of BZ, added:
“This transaction involved multiple facets of deal-making that would typically fall outside many lenders’ criteria, from the multi-asset, cross-border nature of the transaction, to the total facility size. It highlights our ability at BZ to deliver bespoke solutions to meet our clients’ needs. We are committed to supporting ASCO’s growth and look forward to seeing them thrive in their expanding markets.”

Andrew Ross, Partner, Endless, said: 
“ASCO is an important investment for Endless and we’re delighted to have completed this transaction with a lender group that can accommodate the multi-jurisdictional elements of the business and, alongside Endless, support their continued growth.

ASCO and Endless were advised by PwC. Asset valuations were provided by Hilco Valuation Services, Montague Evans, and CBRE. Legal advice was provided by Addleshaw Goddard (lenders) and Walker Morris (ASCO).