Intervale Capital-backed Proserv in $215m refinancing

The term loan and revolving credit facility was also supported by HSBC, Barclays, Santander, Wells Fargo and RBS, while the arrangement was advised by Simmons and Co Aberdeen.

Aberdeen-based Proserv, which serves in the energy production technology services, will use the financing to support its continued growth and acquisition strategy as well as to pay down existing debt.

Proserv acquired US-based Total Instrumentation & Controls and the subsea controls subsidiaries of global business Weatherford last year, resulting in a revenue growth of £84m to £196m within 12 months. The company operates from 30 sites worldwide and employs 1,600 people.

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