Aberdeen headquartered Proserv has completed a sponsor-backed management buyout (MBO), and is introducing an employee ownership scheme, the global controls technology specialist said July 23. This marks “a significant milestone in the company’s 60-year history,” it added.
Led by CEO Davis Larssen and CFO Mark Fraser, the multi-million pound deal is backed by GIIL, a UK-based investment vehicle which has been involved in the company’s financing for two years. During this period, Proserv has reported a 34% increase in annual turnover.
It said Proserv could now “accelerate its five-year growth trajectory and extend its market presence in renewables while continuing to deliver exceptional value to its customers across its core business of oil and gas.”
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