Our Banking & Finance team advise on £80 million asset-based lending facility for ASCO’s acquisition by Endless LLP

Our team, including Phil Scott (Partner), Laura Swift (Senior Associate), Lauren Hall (Associate), and Shelley Quinn (Director), advised on this complex, syndicated, multi-jurisdictional facility. The funding package will support entities in the UK, Norway, and Canada, covering receivables, work in progress, property, and a cash flow loan.

ASCO, with over 50 years of operations, is a key player in the global energy industry, offering materials management and logistics services. The company operates various business units across multiple countries, including the UK, Norway, Canada, Australia, Trinidad, and Senegal. ASCO’s client base comprises large energy companies seeking end-to-end logistics from a single provider.

The acquisition by Endless in August 2023 has set ASCO on a path of growth, both domestically and internationally, with a keen focus on renewable energy opportunities.

Andrew Ross, Partner at Endless LLP commented: “The new tailored ABL facilities provide an important next step for ASCO, allowing the Group to continue its growth and international expansion. Walker Morris’s ABL expertise was important in putting these facilities into place and managing the legal process surrounding them across a range of jurisdictions.”

Phil Scott, Partner & head of our Banking & Finance team, added: “We’re proud to have been part of this transformative step for ASCO.  The transaction showcases our expertise completing multi asset class financings across a wide range of jurisdictions. We look forward to continuing our support for ASCO and Endless.”

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