Doughty Hanson has agreed to buy Asco, the Aberdeen-based oil and gas logistics company, in a £250 million cash deal, Financial Times reports. The U.K. private equity firm won the auction after stiff competition from rivals Cinven and AEA Investors, a U.S. buyout investor.
Asco is owned by Phoenix Equity Partners, a lower mid-market private equity group that focuses on U.K. companies. Doughty Hanson was advised by HSBC on the deal, and Evercore Partners and Travors Smith advised Phoenix Equity Partners.
Click here for the story from Financial Times.