ABERDEEN, Scotland, Jan. 4, 2013 /PRNewswire/ -- Proserv Group Inc. ("Proserv"), a leading energy production technology services company, has acquired Total Instrumentation & Controls ("TIC"), a specialist in in advanced process and control systems equipment, based in Houston, Texas. TIC generated over $50 million in revenue in 2012. Proserv is a portfolio company of Intervale Capital, an energy-focused private equity firm based in Cambridge, Massachusetts.
TIC has manufacturing facilities in Houston, Texas, and Lafayette, Louisiana, and expands Proserv's service capability with the addition of 300 employees, many of whom are trained and certified to work in demanding environments offshore. TIC is a leading independent provider of blow-out preventer ("BOP") stacking and installation services for offshore applications. The company also manufactures drilling and production control systems and supplies ancillary subsea components such as remote terminal units ("RTUs"), hydraulic power units ("HPUs") and topside umbilical termination units ("TUTUs").
The transaction reinforces Proserv's position as a leading player in the drilling and production controls market and provides the company with enhanced capabilities to expand its offering into subsea BOP controls and services. David Lamont, Proserv's Chief Executive Officer, commented, "This is an important development for Proserv. TIC broadens our service capabilities in the Gulf of Mexico to include BOP stacking and installation. We believe this market will grow significantly, based on demand for newbuild rigs and the increasing need for redundant well control systems and the associated specialist offshore services."
Erich Horsley, Partner at Intervale Capital, added, "The combination of TIC and Proserv creates a drilling controls solutions provider with a synergistic and robust product and service offering. TIC's service infrastructure supports Proserv's existing U.S. business lines, while Proserv will help TIC expand internationally."
About Proserv Group:
Proserv, which is headquartered in Aberdeenshire, UK, is a market-leading company specialising in exploration & production, drilling, and infrastructure technical solutions and services for the energy industry. Proserv has a large global footprint employing over 1,600 people in 11 countries and 30 sites in 6 geographical regions, including North U.K. & Africa, South U.K. & Europe, Scandinavia, the Americas, Middle East & North Africa and the Far East & Australia.
Proserv has experienced exceptional growth over the past 12 months, particularly in the subsea services sector. In May of 2012, Proserv acquired Weatherford's subsea controls subsidiaries, adding more than 300 employees to the Proserv team.
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm, with headquarters in Cambridge, Massachusetts, and an office in Houston, Texas, investing exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has more than $650 million under management and is currently investing from its second fund.
SOURCE Intervale Capital