/PRNewswire/ – Riverstone Holdings LLC (“Riverstone”), a leading energy and power-focused private equity firm, and Proserv Group Inc (“Proserv”), based in Aberdeen, Scotland, announced today the signing of 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 from investment funds affiliated with Intervale Capital (“Intervale”), Weatherford International (“Weatherford”) and certain minority shareholders. Financial terms of the transaction were not disclosed. The transaction is subject to certain regulatory approvals and is expected to close by December.
Formed by Intervale through the acquisition and integration of several specialty subsea services businesses between 2008 and 2014, Proserv is a high-quality global engineered products and services business, with offshore and subsea solutions covering drilling control systems, subsea production systems, production equipment and systems and marine technology services across the full life-of-field, with particular emphasis on brownfield upgrade and life extension. The company is diversified by business division, between manufacturing and services, and by geography, with operations across North and South America, Europe, West Africa, the Middle East, Asia and Australia. For more information, please visit www.proserv.com.
David Lamont, CEO of Proserv, commented, “We are excited to partner with Riverstone, whose management team clearly understands the trends driving Proserv’s end markets, and the unique value proposition we bring to our customers. I’d also like to thank Intervale and Weatherford for fully supporting our business over the past few years, and for helping us select Riverstone as the ideal partner for the next phase of our development.” Mr. Lamont will continue as CEO of Proserv following the closing of the transaction.
John Lancaster, a Partner at Riverstone, added, “This investment is consistent with Riverstone’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, 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.”
Source: Riverstone Holdings LLC