16/05/2014 - 09:56

ASCO buys $28m stake in Bonnie Rock

16/05/2014 - 09:56

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Global oil and gas services company ASCO Group has added another string to its bow with the $28 million purchase of a majority stake in logistics provider Bonnie Rock Transport.

ASCO buys $28m stake in Bonnie Rock
BRT managing director Jim Currie (left) and ASCO Group Australasia chief executive Matt Thomas.

Global oil and gas services company ASCO Group has added another string to its bow with the $28 million purchase of a majority stake in logistics provider Bonnie Rock Transport.

ASCO has acquired an initial 60 per cent holding in BRT, with the option of taking that to 100 per cent in the next two to three years.

BRT provides freight distribution, warehousing and distribution, with a particular focus on servicing the oil and gas industry.

The company has depots in Forrestfield, Dampier, Dongara and Broome, as well as the Queensland town of Chinchilla.

Its customers include BHP Billiton, Apache Corporation, ExxonMobil and Buru Energy,

ASCO Australasia chief executive Matt Thomas said the purchase underlined the UK-based company's growth plans in Australia.

"Bonnie Rock Transport is a perfect fit with ASCO Group's international activities and our expansion plans in Australia," he said.

"ASCO Australasia can now support its customers through the entire supply chain cycle, ensuring equipment and materials get to where they are needed, when they are needed."

BRT managing director Jim Currie said he looked forward to working closely with ASCO to grow the business. 

Mr Currie founded the company in 1998 along with other members of his family, who will retain their current senior managerial positions.

ASCO had previously engaged contractors to carry out the transport logistics work that BRT will provide.

BRT will initially retain its name but is expected to eventually transition to the ASCO brand.

ASCO said no jobs would be lost from BRT's 150-strong workforce as a result of the purchase.

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