Reservoir Group Buys InfoAsset

Reservoir Group has bought London-based InfoAsset for an undisclosed sum to create a data management division within its wider oilfield service industry offering.

Aberdeen-based Reservoir has been backed by Houston-based private equity firm SCF Partners since 2007.

“This, our fifth acquisition in half a year, demonstrates our serious ambition of rapidly becoming a major player in the oilfield service industry,” commented Pascal Bartette, chief executive of Reservoir Group.

Reservoir is aiming to become a market leader in integrated downhole drilling products and services to the oil and gas industry. It was formerly known as Corpro before previous backers 3i sold it to Texas-headquartered SCF in a £20m-plus management buyout in May 2007.

SCF intends to transform Reservoir into a £250m-turnover business within five years.

Source: Thomson Merger News