New Orleans, LA — November 24, 1998 — New Orleans based L&L Oil Company, Inc. has agreed to be acquired by ASCo Group Ltd, the major logistics provider to the North Sea oil and gas industry. Upon closing, which is expected by the end of the year, ASCo Group’s consolidated revenue will be approximately $500 million and the company will employ approximately 1,000.
L&L is one of the major suppliers of diesel fuel and lubricants, and other dockside services to the oil and gas industry in the Gulf of Mexico. The company operates from 14 facilities in southern Louisiana and Texas and employs 283 people. Through its subsidiary, L&L Environmental Services, the company also provides a range of environmental services and products such as spill response and industrial cleaning services.
Colin Manderson, Chief Executive of ASCo Group, said, “This move is part of ASCo’s strategy to develop our Base Management and Integrated Marine Distribution services overseas using the expertise we have gained in the North Sea.”
“L&L provides us with an experienced US management team and solid financial base, as well as excellent geographical locations from which to support the Gulf of Mexico offshore industry. L&L is particularly well positioned to support the deep water operations off the Louisiana coast. This will allow ASCo to expand the business beyond fuel distribution and provide opportunities to develop a logistics business along the same lines as our North Sea operations.”
Manderson further states, “We are fortunate that Frank Levy has agreed to remain as CEO and that the rest of the L&L management team will remain in their current positions.”
Frank Levy, current owner and President of L&L, said, “Consummation of this transaction brings L&L to the next level of service for our extensive customer base. I look forward to the opportunity to bring added efficiencies to the US Gulf drilling and production industries by adding logistics services to the outstanding services we are currently providing.”
“I am so pleased to be able to offer our customers a better alternative without loss of jobs.”
New Orleans based Legacy Capital Fund, Inc. represented L&L in this transaction.