Global controls technology leader Proserv has announced that sister company Gilmore, a Houston based specialist in flow control solutions, has been purchased by Control Devices, headquartered in Fenton, Missouri and a portfolio company of global conglomerate HBM Holdings.
Proserv was acquired by its majority shareholders Oaktree Capital Management and KKR in 2018 and Gilmore, then incorporated within Proserv’s portfolio of brands, was subsequently established as a separate division in October of the following year, as part of a corporate restructuring to enable Proserv to focus on its core strengths and capabilities. Gilmore has effectively been operating independently since that point.
Gilmore is a long-standing name in the innovation, engineering and supply of high-performance severe service valves (check, relief, regulator, solenoid, control) and other flow control solutions. This acquisition allows Control Devices, itself a major designer and manufacturer of highly engineered flow control products utilised in niche applications across various end markets, to expand its portfolio and widen its reach into oil and gas. The deal also further broadens HBM Holdings’ expertise in the flow control sector.
In anticipation of Proserv and Gilmore continuing to collaborate on future projects, a master purchase agreement has been established to accelerate the smooth and seamless procurement of components and products between both parties.
David Nemetz, Chief Executive Officer (CEO), Gilmore commented: “After many excellent years being part of, and associated with, Proserv, we are excited to now be joining Control Devices and the HBM family of companies as we seek to drive ever forwards with our growth and expansion plans. We are grateful for the tremendous support we have received from Proserv and its shareholders, as we have developed our business in recent years to take this next key step.”
Proserv’s CEO Davis Larssen stated: “We wish Gilmore’s team every success as it moves on to this new chapter and we look forward to working alongside each other on future opportunities. These are positive times for Proserv, both subsea and topside, with market-leading technologies, extensive service abilities and our on-going, proactive push into cutting-edge digital tech and offshore wind.”
Proserv’s Chairman David Currie added: “Proserv and Gilmore have many shared values and outlooks, not least around innovation and the ability to engineer technologies that lead the market in quality and reliability. As Proserv continues to harness its know-how in control systems and harsh environments to push into new areas and opportunities so too does Gilmore and we are delighted that the business has reached this point to continue its journey alongside Control Devices.”
As part of the acquisition, Gilmore’s team of around 100 employees will be moving across to Control Devices. The terms of the transaction were not disclosed.