January 25 2015 Latest news:
Shaun Lowthorpe , Business editor
Thursday, January 10, 2013
Energy production technology services company Proserv, which has a base in Great Yarmouth, has successfully completed a £133m refinancing agreement.
The term loan and revolving credit facility, which is being supported by HSBC, Lloyds, Barclays, Santander, Wells Fargo and RBS, will be used to pay down existing debt, pursue new strategic acquisitions and support the company’s continued growth strategy.
Aberdeen-based Proserv has experienced exceptional growth within the past two years with turnover rising from £112m in 2011 to around £196m within 12 months.
David Lamont, chief executive, said: “In light of the difficult economic climate and challenging conditions faced by many businesses globally, to be able to secure refinancing at this level is a huge testament to the confidence that the financial community have in our company and in its future prosperity.
“Proserv is entering an exciting new era and the new refinancing agreement will underpin our strong business plan for growth which includes investing in complementary world-class technologies and building on our existing range of value-added products and services, often through new strategic acquisitions.”
Steve Hewes, Head of Leveraged Finance Scotland at HSBC Bank Plc, said: “Proserv represents a prime example of the positive trends we are seeing in the Aberdeen market, with local jobs being created to help facilitate ongoing and sustained international growth. With a proven trading track record, market leading suite of products and services and high quality management team, Proserv is excellently placed to further benefit from the positive fundamentals supporting the global offshore oil and gas industry.
Jimmy Williamson, Director at Lloyds Bank Commercial Banking Acquisition Finance, said: “The Proserv team have done an excellent job of integrating five specialist businesses into a leading provider for the exploration and production, drilling and subsea market sectors, and is forecast for exceptionally strong growth. This refinancing, which has allowed us to cement our relationship with a leading sponsor and strong management team, demonstrates the company’s robust track record and strong growth trajectory.”
Aviva will embark on a cost-cutting drive leading to 1,500 job losses if its £5.6bn takeover of Friends Life wins the backing of shareholders.