News Feed Item

Proserv completes acquisition of KRG Industries Ltd.

ABERDEEN, Scotland, Feb. 13, 2014 /PRNewswire/ -- Proserv Group Inc. ("Proserv"), a global energy production technology services company, has acquired KRG Industries Ltd. ("KRG").  With a 35-year track record, KRG is a well-established provider of precision engineering and manufacturing services to the oil & gas industry.  KRG utilizes a modern fleet of high-specification equipment to provide solutions including machining, welding, inspection and testing to an increasingly international base of blue-chip customers focused on providing equipment for demanding subsea applications.

Proserv is a market-leading energy production technology services company which operates worldwide across multiple regions including the United States, United Kingdom, Scandinavia, Middle East, Far East, Africa and Australia.  Proserv is backed by Intervale Capital ("Intervale"), a private equity firm which invests exclusively in oilfield manufacturing and service companies.

KRG adds to a strong portfolio of acquisitions by Proserv including Australian-headquartered Velocious, a pioneer subsea intervention and tooling company, Total Instrumentation & Controls (TIC) and Weatherford's subsea controls business.  The deal reinforces Proserv's position as a leading solutions provider of mission-critical subsea equipment and services.

David Lamont, Proserv's chief executive officer, commented: "Our plan for growth is to invest in complementary world-class technologies and build on our existing range of value-added products and services. The acquisition of KRG is a perfect strategic fit for Proserv.  They bring a broad array of technical skills and experience but, most importantly, they share our core values and ambition to be the provider of choice to our customers.  Together, as one company, we are even stronger."

"The KRG partnership enhances Proserv's integrated capabilities. The combination provides employees the opportunity to become involved in a more diverse range of projects.  The transaction will yield considerable benefits to our subsea clients through the delivery of an enhanced service capability," commented Davis Larssen, Chief Financial Officer of Proserv.

"The KRG acquisition fortifies Proserv's manufacturing capacity in mission-critical subsea products. Management expects to grow KRG by broadening its service offering and expanding its geographical reach," said Tuan Tran, Principal at Intervale.  

About Proserv Group Inc.:

Proserv is a production technology and services company for the global energy industry. Proserv has a 40-year track record in delivering customized technologies and services to customers, particularly in the drilling, production, subsea and marine market sectors. The company is based in the U.K. and services customers globally. Company website: http://www.proserv.com/

About KRG Industries Ltd.:

With a 35-year track record, KRG is a well-established provider of precision engineering services to the oil & gas and aerospace & defense industries. Using a modern fleet of high specification equipment, the company provides a broad suite of services, including machining, welding, and inspection and testing to an increasingly international base of blue-chip customers. KRG's clients include oil and gas original equipment manufacturers (OEMs), oilfield service companies and defense contractors. KRG is based in the U.K. and services customers globally. Company website:  http://www.krgindustries.co.uk/

About Intervale Capital:

Intervale Capital is an energy-focused private equity firm with offices in Boston and Houston.  Intervale invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has raised over $650 million of committed capital since its inception in 2006 and is currently investing from its second fund. 

Intervale portfolio companies include Aegis Chemical Solutions (production chemicals), Allied Oil & Gas Services (cementing and acidizing services), Antelope Oil Tools (casing and cementation hardware), Certus Energy Solutions (drill pipe and tubing rental), Epic Lift Systems (artificial lift), Team Oil Tools (completion tools) and Tier 1 Energy Solutions (wireline and completion tool running services). Company website: http://www.intervalecapital.com/

Tuan D. Tran
Intervale Capital
(617) 401-8405
[email protected]

SOURCE Intervale Capital

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue an...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...