Energy services company Proserv has entered into a restructuring agreement with its principal lenders which will strengthen the long term financial structure of the company.

The agreement will result in up to $50 million of fresh capital being injected in to the business and will see existing lenders Oaktree Capital Management and KKR become majority shareholders. US private equity investor Riverstone Holdings LLC, formerly the principal shareholder of Proserv, will maintain a minority share in the company.

Under the terms of the agreement, Proserv will emerge substantially debt free with sufficient liquidity to deliver its strategic plan.

David Lamont, Proserv CEO, said: “We have committed investors who see an extremely positive future for Proserv and I’m delighted that we are moving ahead with a restructuring agreement that will enable us to focus on building our business. There is a more positive outlook in the energy sector this year which is already apparent in our results with more than $15 million of contracts secured this year to date and an even more positive global sales pipeline.

“I would like to thank all of our dedicated employees as well as our customers, suppliers and business partners for their support throughout this process. We look forward to completing this milestone in our journey and building on these relationships for many years to come.”


About Oaktree Capital Management

Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of December 31, 2017. The firm emphasizes an opportunistic, value-oriented and risk controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans),

control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic manager partnerships, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds.