Wellspring Capital Management Acquires Swift Worldwide Resources
NEW YORK, Nov. 4, 2013 /PRNewswire/ -- Wellspring Capital Management LLC ("Wellspring") today announced that it has acquired Swift Worldwide Resources ("Swift" or the "Company), the premier supplier of skilled manpower resources to the global oil and gas industry, from Gresham Private Equity. Swift's management team invested alongside Wellspring in the transaction. Financial terms were not disclosed.
Headquartered in Houston, Swift is one of the world's leading providers of contract engineers and other skilled personnel to the global oil and gas industry. Swift's client focus is on blue-chip, multinational energy companies in the exploration and production ("E&P") sector where specialist contractor needs are greatest given the technical demands of projects and the scarcity of experienced engineers. The Company provides services ranging from personnel selection to complete mobilization in countries as diverse as Azerbaijan, Australia, China and the U.S. Swift currently has over 3,000 contractors in active placements across 23 offices in 35 countries.
William F. Dawson, Jr., a Managing Partner of Wellspring, said, "We are thoroughly impressed with the commitment of the Swift organization to provide unparalleled service to its clients and contractors. We look forward to partnering with Tobias Read, CEO of Swift, and the management team to execute our strategic growth plan."
Joshua Cascade, a Partner of Wellspring, said, "The leading multi-national oil and gas companies are increasingly turning to established manpower suppliers such as Swift to provide consistent and reliable service in multiple locations around the world. Wellspring will provide Swift with all of the resources necessary to expand with their clients in often remote locations and provide the highest level of service in meeting their manpower needs."
Mr. Read said, "We are delighted to partner with Wellspring at a time of great opportunity for Swift. The principals of Wellspring bring a deep understanding of our industry and the fundamentals of a people-centric service business where Swift's experienced, dedicated and high-integrity employees are the key to success."
Wellspring engaged a global advisory team due to the complex, cross-border nature of the transaction: Paul, Weiss, Rifkind, Wharton & Garrison LLP (US legal counsel), MacFarlanes LLP (UK legal counsel), KPMG LLP (accounting) and Alvarez & Marsal (tax). Swift was advised by William Blair & Company (financial) and DLA Piper (legal).
About Wellspring Capital Management
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm's objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. For additional information, please visit www.wellspringcapital.com.
Swift Worldwide Resources is the premier supplier of manpower resources to the global oil and gas industry. With more than 25 years focusing exclusively in this sector, a database of 200,000 skilled personnel, a dedicated contract and permanent recruitment division, a logistics infrastructure spanning the globe and quality procedures accredited to ISO 9001:2008, it provides a world class service - Whatever it takes, wherever it takes us®. Swift is committed to investing in the local community and takes great pride in its ability to recruit, train and develop its national team of workers. For more information, please visit www.swiftworldwideresources.com.
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SOURCE Wellspring Capital Management LLC