Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Intervale Said Working With Goldman on Proserv Sale

July 28 (Bloomberg) -- Private-equity firm Intervale Capital LLC is working with Goldman Sachs Group Inc. 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. agreed to pay about $1.97 billion for Kentz Corp., 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.