Proserv

With a heritage stretching back nearly 60 years, Proserv is a story of strategic evolution in the energy sector. The company didn't have a single founding moment but was formed through the amalgamation of several firms, including Proserv Offshore and Proserv Technology. This created a controls technology company focused on improving the reliability and extending the life of critical energy infrastructure. The company's business is to provide specialized, high-tech control systems for both subsea and topside operations in the oil and gas industry, while also pivoting towards renewables. Their approach prioritizes upgrading and enhancing existing client systems rather than full replacements, which helps minimize costs and environmental impact. A significant chapter in Proserv's journey unfolded in July 2024, when the company underwent a sponsor-backed management buyout. The deal, led by CEO Davis Larssen and CFO Mark Fraser, saw previous major shareholders Oaktree Capital Management and KKR exit their equity holdings. This event marked a new era for Proserv, which also announced plans to introduce an employee ownership program, empowering its workforce to share in the company's collective success.