Proserv Group, an energy production technology services company and a portfolio company of Intervale Capital, has acquired the subsea controls business of Weatherford International. “This is a transformative transaction for Proserv and provides the company with a significantly broader suite of subsea and offshore capabilities. We anticipate that the addition of these business lines will further accelerate the company’s already robust growth,” said Charles Cherington, Managing Partner at Intervale Capital.
Proserv Group is a production technology and services company for the energy industry focused on recovery, cost control and sustainability. Proserv Group was formed by Intervale in June 2011 through the combination of Proserv Group and Galathea Group. Proserv’s operating businesses include Proserv Technology, Proserv Offshore, Hydrafit Subsea, Gilmore Valve and Argus Subsea. The company is headquartered in Aberdeen, Scotland and has over 1,100 employees in more than 30 operating centers based in 10 countries (www.proserv.com). Intervale Capital is focused exclusively on investments in middle-market oilfield services companies and related technologies with $5 million to $30 million in trailing EBITDA. Intervale’s first fund closed on $280 million in 2008. The firm has offices in Houston, TX and Cambridge, MA (www.intervalecapital.com).
Weatherford is a Swiss based multi-national oilfield services company. It is a provider of mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs over 60,000 people worldwide (www.weatherford.com).
