Proserv completes acquisition of KRG Industries Ltd.
ABERDEEN, Scotland, Feb. 13, 2014 /PRNewswire/ -- Proserv Group Inc. ("Proserv"), a global energy production technology services company, has acquired KRG Industries Ltd. ("KRG"). With a 35-year track record, KRG is a well-established provider of precision engineering and manufacturing services to the oil & gas industry. KRG utilizes a modern fleet of high-specification equipment to provide solutions including machining, welding, inspection and testing to an increasingly international base of blue-chip customers focused on providing equipment for demanding subsea applications.
Proserv is a market-leading energy production technology services company which operates worldwide across multiple regions including the United States, United Kingdom, Scandinavia, Middle East, Far East, Africa and Australia. Proserv is backed by Intervale Capital ("Intervale"), a private equity firm which invests exclusively in oilfield manufacturing and service companies.
KRG adds to a strong portfolio of acquisitions by Proserv including Australian-headquartered Velocious, a pioneer subsea intervention and tooling company, Total Instrumentation & Controls (TIC) and Weatherford's subsea controls business. The deal reinforces Proserv's position as a leading solutions provider of mission-critical subsea equipment and services.
David Lamont, Proserv's chief executive officer, commented: "Our plan for growth is to invest in complementary world-class technologies and build on our existing range of value-added products and services. The acquisition of KRG is a perfect strategic fit for Proserv. They bring a broad array of technical skills and experience but, most importantly, they share our core values and ambition to be the provider of choice to our customers. Together, as one company, we are even stronger."
"The KRG partnership enhances Proserv's integrated capabilities. The combination provides employees the opportunity to become involved in a more diverse range of projects. The transaction will yield considerable benefits to our subsea clients through the delivery of an enhanced service capability," commented Davis Larssen, Chief Financial Officer of Proserv.
"The KRG acquisition fortifies Proserv's manufacturing capacity in mission-critical subsea products. Management expects to grow KRG by broadening its service offering and expanding its geographical reach," said Tuan Tran, Principal at Intervale.
About Proserv Group Inc.:
Proserv is a production technology and services company for the global energy industry. Proserv has a 40-year track record in delivering customized technologies and services to customers, particularly in the drilling, production, subsea and marine market sectors. The company is based in the U.K. and services customers globally. Company website: http://www.proserv.com/
About KRG Industries Ltd.:
With a 35-year track record, KRG is a well-established provider of precision engineering services to the oil & gas and aerospace & defense industries. Using a modern fleet of high specification equipment, the company provides a broad suite of services, including machining, welding, and inspection and testing to an increasingly international base of blue-chip customers. KRG's clients include oil and gas original equipment manufacturers (OEMs), oilfield service companies and defense contractors. KRG is based in the U.K. and services customers globally. Company website: http://www.krgindustries.co.uk/
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm with offices in Boston and Houston. Intervale invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has raised over $650 million of committed capital since its inception in 2006 and is currently investing from its second fund.
Intervale portfolio companies include Aegis Chemical Solutions (production chemicals), Allied Oil & Gas Services (cementing and acidizing services), Antelope Oil Tools (casing and cementation hardware), Certus Energy Solutions (drill pipe and tubing rental), Epic Lift Systems (artificial lift), Team Oil Tools (completion tools) and Tier 1 Energy Solutions (wireline and completion tool running services). Company website: http://www.intervalecapital.com/
Tuan D. Tran
SOURCE Intervale Capital