Proserv rumoured to have attracted Riverstone bid

22 Oct 2014 – Riverstone, an energy-focused private equity firm, is in the running to buy the oil and gas services company Proserv, a person claiming knowledge of the situation told this news service.

Riverstone declined to comment on its intentions.

Riverstone took part in a bidding round two weeks ago, the person said.

Proserv has hired Goldman Sachs to advise on the sale, according to various news reports.

Other prospective bidders, according to press reports, could include the private-equity house Cinven, Canada Pension Plan Investment Board and Onex. Cinven has cooled off since the first round of bids in July, a sector banker told this news service.

A person with knowledge of Cinven told this news service that the firm is not currently participating in the process.

Proserv is owned by Intervale Capital. It has an EBITDA of about USD 90m and revenues are USD 550m,  the person said. It is valued at USD 900m, he added.

CPPIB and Cinven declined to comment. Onex did not response to a request for comment.

by Katie McQue

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