Proserv Acquired by Riverstone
Riverstone Holdings and Proserv, based in Aberdeen, Scotland, have signed a definitive agreement pursuant to which Riverstone Global Energy and Power Fund V, L.P., in partnership with Proserv management, has agreed to acquire 100% of the shares of Proserv.
David Lamont, 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.
“Riverstone has an impressive track record of backing oil & gas focused companies with their high-profile portfolio including independent operators and energy service companies. The Riverstone management team clearly understands the value proposition that Proserv is delivering to our customers as well as the key market trends that underpin our ambitions.”
John Lancaster, a partner at Riverstone Holdings, said the investment is consistent with the energy and power investment specialist’s strategy of partnering with leading manufacturing and service companies that participate in technically demanding and service-intensive oil and gas operations globally:
“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. We look forward to working with David and his team to further build on the company’s success to date.”
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.
Lamont, who will continue as Proserv’s CEO, said: “Intervale has been a strong and supportive partner over the past seven years, working closely with the leadership team to develop and grow Proserv to be the company it is today. We are sincerely thankful for the role both Intervale and Weatherford have played in bringing the company to this significant point in our journey.”
Financial terms of the transaction were not disclosed. The transaction is subject to certain regulatory approvals and is expected to close by December. Proserv will continue to operate as an independent company.