Aberdeen-based Proserv finalises a significant deal with backing from GIIL, introducing an employee ownership scheme while aiming to expand in the renewables market.
Proserv Completes Buy-Out, Embarks on New Growth Path with Strategic Support
Aberdeen-based Proserv, a global leader in controls technology, has finalised a significant buy-out from its private equity owners, Oaktree Capital Management and KKR, culminating in a deal supported by a strategic investor. This deal, described as a multi-million-pound transaction, is spearheaded by Chief Executive Davis Larssen and Chief Financial Officer Mark Fraser, with financial backing from GIIL, the UK-based investment vehicle of Glenn Inniss, founder and owner of GII Finance Group.
New Phase of Employee Engagement and Market Expansion
Under the new ownership, Proserv plans to introduce an employee ownership scheme designed to benefit its 800-strong global workforce by the end of the year. This includes a substantial number of employees in the UK, with 170 based in Aberdeen, 132 in Great Yarmouth, and 33 in Cumbernauld. The strategic shift aims to accelerate Proserv’s five-year growth trajectory and expand its presence in the renewables market, while furthering its service commitment to oil and gas customers.
Leadership and Vision for Future Growth
Davis Larssen, who has been with Proserv for nearly 15 years, highlighted the firm’s substantial market influence, particularly in subsea control systems, where it holds roughly 50% market share in the North Sea and the Gulf of Mexico. Larssen emphasised the importance of their solutions in enhancing energy security and transitioning to a balanced energy portfolio focused on reduced carbon emissions. He noted that the firm’s goal is to cement its reputation and strengthen its presence in the offshore wind sector, which shows a growing demand for OEM-agnostic, warrantied control technologies for reliable wind farm operations.
Commitment to Employee Ownership
Commenting on the forthcoming employee ownership scheme, CFO Mark Fraser remarked on the crucial role of their staff: “Our people are the backbone of our business and their dedication and hard work have been instrumental in driving our achievements. This initiative will empower our employees to share in the rewards of our collective success.”
Continued Leadership and Strategic Alignment
Chairman David Currie expressed confidence in the new chapter for Proserv: “I look forward to continuing to support Davis, Mark and the wider leadership team. We are confident that Proserv is poised for sustained growth, with our shared vision driving us forward as we strive to become the industry leader.”
GIIL principal Glenn Inniss also commented on the decision, stating: “Having known and supported the Proserv leadership team for the last five years, committing to this was an easy decision. We are dedicated to backing the business and its strategic growth.”
In recent years, GIIL has actively supported Proserv’s financing alongside investment from Oaktree Capital Management and KKR. During this period, Proserv has reported a notable 34% increase in annual turnover, underlining its robust performance and growth prospects.
Global Reach and Renewables Focus
Proserv operates 13 strategically located facilities globally, including significant presences in Europe, America, the Middle East, and Asia Pacific. The firm serves major exploration and production organisations and independent operators with subsea and topsides control solutions, along with other critical infrastructure support services.
Notably, Proserv is also advancing its leadership role in the renewable energy transition with its proprietary ‘ECG’ holistic subsea cable monitoring system.
As the company progresses under new ownership, the leadership remains unified in its aim to become the leading independent controls technology partner in the energy sector. Through strategic growth and innovation, Proserv seeks to enhance its market presence and deliver exceptional value to its global customers.