Oaktree and KKR’s acquisition of Proserv


Willkie Farr & Gallagher LLP acted as legal counsel and Evercore acted as financial advisor to the Company. Kirkland & Ellis LLP acted as legal counsel and Perella Weinberg Partners acted as financial advisor to the first lien lenders.

Proserv, an energy services company, today announced the completion of a successful financial restructuring, strengthening the long term plans of the company.

Through a debt-for-equity exchange and injection of a $50 million investment, the company’s two largest lenders – KKR and funds managed by Oaktree Capital Management, L.P. – will become owners of the company. Proserv emerges substantially debt-free and with a well-capitalised balance sheet, enabling it to provide strong, life-of-field support to its global customers. In the first four months of 2018, the company has already secured more than $40 million of contracts.

As part of the restructuring, David Lamont is stepping down as CEO.

The Kirkland team was led by restructuring partner Patrick Nash (Picture) and associates Benjamin Rhode and John Luze; corporate partner Hamed Meshki and associates Michele Cumpston, Nathan Rahmanou and Devon Mongeluzzi; debt finance partner David Nemecek and associates Austin Glassman, Caitlin Bubar and Michael Chung; tax partners Russell Light and Josh McLane; executive compensation partner Scott Price and associate Kirk Porter; and antitrust of counsel Mike Robert-Smith.

Involved fees earner: Patrick Nash Jr. – Kirkland & Ellis; Benjamin Rhode – Kirkland & Ellis; John Luze – Kirkland & Ellis; Hamed Meshki – Kirkland & Ellis; Michele Cumpston – Kirkland & Ellis; Nathan Rahmanou – Kirkland & Ellis; Devon Mongeluzzi – Kirkland & Ellis; David Nemecek – Kirkland & Ellis; Austin Glassman – Kirkland & Ellis; Caitlin Bubar – Kirkland & Ellis; Michael Chung – Kirkland & Ellis; Russell Light – Kirkland & Ellis; Josh McLane – Kirkland & Ellis; Scott Price – Kirkland & Ellis; Kirk Porter – Kirkland & Ellis; Mike Robert-Smith – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Oaktree Capital Management; KKR;

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Author: Ambrogio Visconti