Former Pizza Express owner Cinven gets a taste for Scottish oil firm Proserv

August 09:

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Exploration: Proserv supplies equipment for undersea oil drilling

Scottish oil exploration technology firm Proserv is understood to be for sale at £500million – and the likely buyer is the former owner of Pizza Express. 

City sources said buyout firm Cinven, which recently sold Pizza Express to Chinese investment firm Hony Capital for £900million, is in the early stages of examining a takeover of Proserv, after the company’s US-based owner hired bankers to explore a sale of the company, which is based in Aberdeen. 

Proserv supplies equipment for undersea oil drilling and makes components such as valves for the energy industry. 

The company is owned by US private equity firm Intervale Capital, which bought a stake in Proserv in 2009. Cinven is believed to be one of several potential bidders for Proserv.

Others include Canadian funds Onex and the Canada Pension Plan Investment Board. Onex and the Canada Pension Plan bought FTSE 250-listed Tomkins for £2.9billion in 2010. 

Source:www.thisismoney.co.uk/money/markets/article-2720820/Former-Pizza-Express-owner-gets-taste-oil-firm-Proserv.html?