Energy services firm Proserv has come under new ownership as its owners sold out to a much larger private equity rival.
The Aberdeen-based firm is now owned by Riverstone Holdings, an energy industry specialist, after it acquired 100% of Proserv’s share capital from Intervale Capital and other shareholders.
The terms of the deal were not disclosed, although its is though Boston-based Intervale was seeking in the region of £470million when it put the firm on the market this summer.
Proserv chief executive David Lamont, who will remain in his role, said the deal was “the start of an exciting new chapter”.
He added: “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.”
Intervale, which specialises in mid-market oilfield services and has raised funds reaching £750million, acquired Proserv in 2008. Under its tewardship it has made a number of acquisitions, growing the firm to employ 2,200 in offices worldwide.
Mr Lamont 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.”
Goldman Sachs and Simmons & Co advised both Proserv’s leadership team and Intervale throughout the transaction process.
Managing director of Simmons & Co, Nick Dalgarno, said: “We have enjoyed working with Proserv over the last five years and watched them transform over that period and emerge as a leader of the next generation of service companies.”
Riverstone was founded in 2000 by David Leuschen and Pierre Lapeyre, with approximately £17billion of equity capital raised.
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