October 24, 2014

Willkie represents Riverstone in second acquisition this year. 

Riverstone Holdings LLC has signed a definitive agreement to purchase Proserv Group Inc. from private equity firm Intervale Capital. Proserv is a global engineered products and services business focused on the offshore and subsea markets whose work includes drilling control systems, subsea production systems, offshore production equipment, and marine technology services across the full life-of-field, with particular emphasis on brownfield upgrade and life extension. As part of the transaction, Riverstone Global Energy and Power Fund V, L.P., in partnership with Proserv management, will acquire 100% of the shares of Proserv from Intervale, Weatherford International and certain minority shareholders. The transaction is subject to certain regulatory approvals and is expected to close in December.

Riverstone, with approximately $27 billion of equity capital raised, is an energy and power-focused private investment firm. The company conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry.

In 2013, Willkie advised on the $350 million Riverstone-led investment in Liberty Resources II LLC, and on Liberty II’s approximately $680 million asset sale to Kodiak Oil & Gas Corp. Earlier this year Willkie assisted Riverstone and Liberty II in its $455 million acquisition of oil and gas assets in North Dakota's Williston Basin. The recent matter was lead by partners Bruce Herzog and Matthew Dean and included partners William Gump, Hillel Jacobson, Christopher Peters, Judith Harger, Claire McDaid and Jordan Messinger, special counsel Kim Walker and Miriam Bishop, and associates Rebecca Villarreal, Robert Kofsky, Shinasa Wasimi, Abra Edwards and Christopher Wall.