Intervale Said Working With Goldman on Proserv Sale

Private-equity firm Intervale Capital LLC is working with Goldman Sachs Group Inc. (GS) to seek buyers for Proserv Group AS, a supplier of equipment for undersea oil drilling, according to people familiar with the matter.

First-round bids for the business, which could be valued at about $750 million, are due this month, the people said, asking not to be identified discussing a private matter. The group is attracting interest from other private-equity investors and Goldman Sachs is offering financing to potential buyers, one of the people said.

Dealmaking is picking up in the energy-equipment sector as a growing amount of oil and gas production comes from deepwater and unconventional reserves, which require extensive infrastructure to exploit. Last month Canadian engineering group SNC-Lavalin Group Inc. (SNC) agreed to pay about $1.97 billion for Kentz Corp. (KENZ), which supplies apparatus and engineers for energy projects.

Representatives from Goldman Sachs did not immediately return requests for comment via e-mail and telephone. Intervale did not return an e-mail seeking comment outside of regular business hours.

Intervale, a specialized oil and gas services investment firm based in Cambridge, Massachusetts, first invested in Proserv in 2009. Aberdeen, Scotland-based Proserv had earnings before interest, tax, depreciation and amortization of about $70 million last year, one of the people said.

To contact the reporters on this story: Matthew Campbell in London at mcampbell39@bloomberg.net; Kiel Porter in London at kporter17@bloomberg.net

To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net Elizabeth Fournier, Robert Valpuesta

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