Riverstone Holdings acquires Proserv

Oct. 24, 2014
Riverstone Holdings LLC has signed an agreement to acquire energy services company Proserv.

Offshore staff

HOUSTONRiverstone Holdings LLC has signed an agreement to acquire energy services company Proserv.

Proserv will continue to operate as an independent company under this deal, in which Riverstone Global Energy and Power Fund V LP, in partnership with Proserv management, has agreed to acquire 100% of the shares of Proserv from Intervale Capital,Weatherford International, and certain minority shareholders.

Proserv was formed by Intervale Capital through the integration of several specialty services businesses between 2008 and 2014.

Goldman Sachs and Simmons & Co advised both Proserv’s leadership team and Intervale throughout the transaction process. The agreement is expected to close by the end of this year. Financial terms were not disclosed.

10/24/2014