Aberdeenshire-headquartered Proserv has completed a buy-out from its private equity owners in a deal backed by a strategic investor who has worked alongside the business for around five years.
The multi-million pound deal is being led by chief executive Davis Larssen and chief financial officer Mark Fraser, backed by GIIL, a UK-based investment vehicle of Glenn Inniss, the founder and owner of the London-based GII Finance Group.
The new owners have pledged to introduce an employee ownership scheme for the benefit of its 800-strong global workforce by the end of the year.
New ownership ‘accelerate’ growth plan
Of these 335 are based in the UK and 170 across its operations in Westhill and Tullos in the north-east of Scotland.
The deal marks an exit for shareholders Oaktree Capital Management and KKR. Both investors took control of the group in a 2018 restructuring.
The firm did not disclose the value of the transaction or the resulting division of shares although the three now control the business.
New ownership enables the firm to accelerate its five-year growth trajectory and extend its market presence in renewables while continuing to serve its customers across its core business of oil and gas, Proserv said.
Build reputation and strengthen presence
Mr Larssen, who has been with the business for almost 15 years, said: “We currently have approximately 50% market share in providing leading-edge subsea control systems in the North Sea and the Gulf of Mexico.
“Our ability to deliver solutions for both new developments and upgrading obsolete control systems to extend the life of older fields is of increasing importance as the world focuses on energy security, energy independence, lower carbon emissions, and a measured transition to a balanced energy portfolio.
“Our immediate goal now is to build on our strong reputation and strengthen our presence in offshore wind where there is a growing appetite for OEM-agnostic warrantied controls technologies for safe and reliable wind farm operations.”
Speaking about the employee-ownership scheme, Mr Fraser added: “Our people are the backbone of our business, and their dedication and hard work have been instrumental in driving our achievements. In recognition of this, we are committed to implementing our new employee ownership programme by the end of the year.
“This initiative, which we believe sets us apart in our sector, will empower our people to share in the rewards of our collective success and further enhance our positive team culture and long-term growth.”
Proserv’s chairman David Currie said the deal marked “an important next chapter in the Proserv story”.
‘Easy decision’ to make
Mr Currie, who was previously a chief executive of the firm said he would remain in the role. “I look forward to continuing to support Davis, Mark and the wider leadership team.
“We are confident that Proserv is poised for a period of sustained growth and our shared vision will drive us forward as we strive to become the industry leader in our field.”
GIIL principal Glenn Inniss stated: “Having known and supported the Proserv leadership team for the last five years, this was an easy decision for us to demonstrate our commitment to support the business and its strategy.”
