Oaktree, KKR acquire Riverstone's Proserv via restructuring

Oaktree and KKR were incumbent lenders to the energy services company and, following the deal, Proserv will be "substantially" freer of debt, according to a statement. Riverstone will retain a minority stake in the group following the transaction.

Prior to the restructuring, the company had a $60m revolving credit facility, a $365m first lien term loan and a $115m second lien term loan, according to Unquote sister publication Debtwire.

According to the statement, Proserv has benefited from an improved outlook in the energy sector over the last year, which has seen it secure $15m of new contracts since the turn of the year.

Previous funding
Proserv first received private equity backing in June 2008, when Intervale Capital acquired a majority stake in the business.

Riverstone then acquired the company from Intervale in October 2014 in a secondary buyout believed to be valued at around $750m. The GP drew capital from $7.7bn vehicle Riverstone Global Energy and Power Fund V.

Company
Founded in 1974, Aberdeen-headquartered Proserv is a manufacturer of subsea production equipment, control systems, sampling systems, valves and topside production equipment. The company has additional operations in North America, South America, Europe, west Africa, the Middle East, Asia and Australia.

People
Proserv – David Lamont (CEO).

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• Topics
• Restructuring
• UK / Ireland
• Industrials
• United Kingdom
• Oaktree Capital Management
• KKR
• Debt-for-equity swap