Energy services company Proserv has signed an agreement to be acquired by major US private equity investor Riverstone Holdings LLC.
Riverstone Global Energy and Power Fund V, LP, in partnership with Proserv management, will acquire 100% of Proserv shares from Intervale Capital, Weatherford International, and minority shareholders.
Proserv will continue to operate as an independent company.
David Lamont (photo at right), chief executive officer (CEO) at Proserv, said: “This is the start of an exciting new chapter in Proserv’s successful journey. The leadership team on behalf of the global Proserv workforce, firmly believes Riverstone is the ideal partner, not only because of their sector focus and expertise, but as importantly because of their shared values and vision for the business."
John Lancaster, a partner at Riverstone Holdings, said “Proserv is a strong and emerging player in global offshore subsea services and equipment sector, where we believe capital spending and activity levels will grow over the long-term as companies like Proserv provide increasingly innovative, cost-effective solutions to offshore oil and gas producers"
Proserv was formed by Intervale Capital, a private equity firm focused on the oilfield services industry, through the integration of several specialty services businesses between 2008 and 2014.
Headquartered in the UK, Proserv employs more than 2200 people, based in 11 countries at 31 sites. The company is structured under 4 main domains: Drilling, Production, Marine, and Subsea.
Related news:
Proserv Launches A2G workshops, 27 August 2014
Proserv appoints senior management team, 6 August 2014
Proserv buys KRG, 11 February 2014
Proserv, 26 June 2012 [acquires Weatherford's subsea controls business]
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