BV Investment Partners, the Boston-based private equity firm formerly known as Boston Ventures, recapped PetroSkills, the Oklahoma-based training and software company supporting energy companies.
Specifics of the deal were not disclosed and calls to the company were not acknowledged by press time.
BV also enlisted Bob Dowdell, former CEO of Marshall & Swift, a company in which the PE firm once invested, to come in with a co-investment. While the private equity firm has a controlling stake in the training company, Dowdell’s percentage was not revealed. He will also perform in a consulting role with the organization.
Co-owners Ford Brett and Dennis Wing, along with other members of senior management, will maintain a material minority ownership position in PetroSkills.
BV partner Justin Harrison spent the last year working on the transaction.
“We share management's view that long-term demand drivers for oil and gas resources, the increasing technological complexity of finding and extracting oil and gas, and a demographic shift in the industry's workforce composition will drive a growing and sustainable need for quality technical training and competency-based solutions,” he said.
Vikrant Raina, managing partner of BV, also worked on the deal.
Founded in 1963 and acquired by Brett and Wing a decade ago, PetroSkills formed the PetroSkills alliance with more than 200 course offerings covering a variety of energy applications and disciplines; the company also provides management software to train and assess workforce.
PetroSkills customers include the world’s largest energy companies, ExxonMobil, Halliburton, Chevron and Shell among them.
Since 1983, BV has invested over $2.6 billion in over 70 companies; its current portfolio has investments primarily in business information services; media, entertainment and publishing and telecom and communications.