Wellspring Capital Management has acquired Swift Worldwide Resources, a supplier of skilled personnel to the oil and gas industry, from Gresham Private Equity which first invested in Swift in June 2006. Swift’s management team invested alongside Wellspring in the transaction.
Swift Worldwide Resources is a provider of contract engineers and other skilled personnel to the exploration and production sector of the oil and gas industry. Swift currently has over 3,000 contractors in active placements across 23 offices in 35 countries. The company is headquartered in Houston (www.swiftworldwideresources.com).
“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,” said Joshua Cascade, a Partner of Wellspring.
“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,” said William Dawson, Jr., a Managing Partner of Wellspring.
Wellspring Capital Management is a middle-market private equity firm that manages more than $3 billion of private equity capital. The firm was founded in 1995 and is based in New York (www.wellspringcapital.com).
“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,” said Tobias Read, CEO of Swift.
Swift Worldwide Resources was advised by William Blair & Company on this transaction.
Gresham Private Equity is a middle market private equity firm headquartered in London (www.greshampe.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-5-13