PetroSkills, a portfolio company of BV Investment Partners, has acquired Resource Development Company. No financial terms were disclosed. RDC is a provider of e-learning content and solutions for the petroleum sector.
BOSTON, January 7, 2014 – BV Investment Partners (“BV”), a middle-market private equity firm investing in the information and business services and communications sectors, today announced that its Fund VII portfolio company, PetroSkills, a leading provider of competency-based training, software and information solutions for energy companies worldwide, has acquired Resource Development Company, LLC (“RDC”), a leading provider of e-Learning content and software to the petroleum industry.
RDC’s ePilot™ e-Learning content library, which covers disciplines within midstream, downstream and related oil, gas and chemical markets, complements PetroSkills’ expansive library of technical content and enhances PetroSkills’ digital offering. RDC also provides a robust technology platform, ActiveLearner®, that strengthens PetroSkills’ virtual and hybrid learning delivery capabilities and broadens the range of products and services available to members of the PetroSkills Alliance and to PetroSkills’ customers worldwide. The RDC transaction represents the second strategic acquisition for PetroSkills under BV’s stewardship.
Justin H. Harrison, a Managing Director at BV, said, “RDC’s e-Learning modules and best-in-class technology platform further strengthen PetroSkills’ comprehensive suite of workforce development solutions and substantially deepen its digital content library. This acquisition is a part of a compelling long-term plan for the Company that includes both organic and acquisition-driven growth initiatives. The founders and management team at PetroSkills have been successful in executing on this aggressive plan, positioning the Company well for a future successful exit for our investors.”
Formed in 1962, RDC’s ePilot e-Learning library contains more than 700 hours of industry-validated content covering: operation and maintenance; health, safety and environment; petrochemical; and a wide range of other topics. RDC’s ActiveLearner learning management system provides unique flexibility and is fit for use in the application and management of RDC content, other third-party content and customer-generated e-Learning modules.
“We are very excited about the addition of RDC to the PetroSkills family,” said J. Ford Brett, PetroSkills CEO. “RDC has a long history of providing industry-leading e-Learning content and software to the petroleum industry. RDC solutions help assure the competency of tens of thousands of operators, technicians and professionals each year. Acquiring RDC enables us to provide broader, deeper and more flexible solutions to the needs of our customers and PetroSkills Alliance members in the development and assurance of the competency of their personnel.”
The PetroSkills Alliance was created in 2001 by BP, Shell and OGCI to provide “important but not unique” high-quality, competency-based training. Through its membership PetroSkills has successfully evolved into an industry driven, industry-approved program that spans the value chain. PetroSkills continues to grow as additional organizations join the PetroSkills Alliance at various levels. With over 300 instructors, PetroSkills offers over 1,000 public training sessions in more than 50 different cities worldwide. PetroSkills’ mission is to build competent petroleum professionals by delivering learning and development when, where and how it is needed – and now through multiple delivery models. For more information about PetroSkills, go to www.PetroSkills.com
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in over 75 companies, actively targeting investments in the information, business services and communications industries. For more information, please visit www.bvlp.com.