Air Energi Group Limited and Swift Worldwide Resources Limited have merged to form Airswift Holdings Limited, a US$1.2 billion turnover company specialising in global workforce solutions for the energy, process and infrastructure industries. The transaction was structured as an all-stock merger backed by Swift and Air Energi’s private equity backers, Wellspring Capital Management and LGV Capital.
Airswift brings together two of the world’s leading names in energy recruitment to offer clients a truly global service and an unrivalled candidate pool across a broad spectrum of skills. With the largest geographic footprint in the industry, Airswift will offer a suite of workforce solutions on a worldwide basis, including recruitment for contract staff and permanent hires, resource consultancy, global mobility and managed solutions.
Airswift will be led by new CEO, Peter Searle, former chief executive of Adecco in the UK and Ireland. Peter brings more than 28 years’ experience in the global recruitment sector. Ian Langley, founder and chairman of the board at Air Energi, will serve as chairman of Airswift, and Janette Marx, chief operating officer of Swift, will become Airswift COO.
The company will have a total of 57 operating locations, employ more than 800 people globally and manage a deployed workforce exceeding 6000 worldwide. Airswift will have three corporate hubs in Manchester, UK, Houston, US and Singapore.
Peter Searle, CEO of Airswift, says: “This merger creates one of the world’s largest and most trusted partners in global workforce solutions. There is an obvious strategic fit between the two organisations: culturally, geographically and operationally. We believe this combination, supported by more than 35 years’ experience in the business, creates a unique proposition in our market, enabling us to develop long-term partnerships with our clients to deliver on their strategic goals.”
Janette Marx, COO of Airswift, comments: “In a rapidly changing business climate, Airswift’s size and global reach will give us the flexibility to scale our workforce solutions as our clients’ needs evolve – wherever they are located around the world.”
Ian Langley, chairman of Airswift, adds: “With Peter leading our executive team, we have the vision and drive we need to become the number one player in the market. Duncan Gregson, CEO of Air Energi, and Tobias Read, CEO of Swift, were instrumental in making this merger possible and will continue to support the operating management team as non-executive directors of the board.”
Joshua Cascade, a managing partner at Wellspring Capital Management, says: “The strategic fit of this partnership is something special as the two companies complement each other in terms of geographic reach and service capabilities. With Airswift's industry-leading capabilities and strong balance sheet that is predominately comprised of equity, the company is extremely well positioned to assist clients in their continued vendor consolidation efforts."
Michael Mowlem, managing director at LGV Capital, says: “This is a merger designed to capitalise on the strengths of two successful companies that are similar in size and scale. Each company has a commitment to the highest standards for quality and similar ways of working but, until now, have done so in different locations with different customers. Bringing these strengths together creates a much stronger company and an exciting proposition for all stakeholders.”
As stated in this announcement, Air Energi and Swift Worldwide Resources have announced a merger to form AirSwift, a provider of engineering and technical personnel that will generate more than US$1 billion in annual revenue, making it a market leader in the oil and gas industry.
Air Energi is a portfolio company of London-based private equity firm LGV Capital. Swift Worldwide Resources is a portfolio company of New York-based private equity firm Wellspring. Both LGV and Wellspring, together with the management team, will continue to be shareholders of AirSwift.
Global, middle-market investment bank Baird served as exclusive financial advisor on the merger and the related refinancing. Baird’s transatlantic deal team included Peter Augar, David Silver, David Wierman and Bret Schoch.
The deal adds to Baird’s already strong track record advising on transatlantic M&A deals, including Coating Excellence International, Apollo Education Group, GRW Bearing GmbH and DNC Diagnostics Center.
Adapted from a press release by David Bizley
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/26012016/air-energi-and-swift-worldwide-resources-combine-in-strategic-merger/