Welcome!

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/

Contact:       
Tuan D. Tran
Principal
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
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin, ...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...