ORIX Capital Partners and Hastings Equity Partners have completed the sale of Specialty Welding and Turnarounds to Brown & Root Industrial Services, a portfolio company of One Equity Partners (OEP) and KBR.
Specialty Welding and Turnarounds (SWAT) provides specialty welding, heat treatment, and turnaround services for industrial facilities, particularly in refining, petrochemical, and power generation markets.
The company provides specialized services such as high-precision pipe welding using automated systems, heat treatment after welding to strengthen materials, and bolting and machining work performed during scheduled plant maintenance shutdowns.
SWAT is hired by oil and gas refiners; chemical producers; engineering, procurement, and construction (EPC) contractors; and power plant operators during planned turnarounds—scheduled shutdowns for inspection, repair, and upgrades—as well as during emergency outages. The company was founded in 2014 and is headquartered near Baton Rouge in Gonzales, Louisiana.ORIX, in partnership with Hastings Equity Partners, invested in SWAT in February 2020. During that period, SWAT expanded its service capabilities and geographic reach. Today, SWAT performs services in 17 states across the United States with significant presence in the Gulf Coast industrial markets, greater Los Angeles, and Golden Triangle (Texas) markets.
Brown & Root is a provider of specialty industrial services—engineering, construction, and maintenance—to companies operating in the downstream refining, petrochemicals, chemicals, pulp and paper, alternative fuels, clean energy, manufacturing, and government infrastructure sectors.
The Baton Rouge-headquartered company, led by CEO Andy Dupuy, undertakes both large-scale construction projects and ongoing maintenance and regulatory compliance work from more than 20 locations across the United States, Mexico, and Canada.
Brown & Root was founded in 1919 by brothers Herman Brown and George Brown, with financial backing from their brother-in-law Dan Root. Halliburton acquired the company in the early 1960s, and in 1998 Halliburton combined Brown & Root with M.W. Kellogg (acquired through its purchase of Dresser Industries) to form Kellogg Brown & Root (KBR). In July 2015, KBR contributed its Industrial Services Americas business into an equally owned joint venture with Bernhard Capital Partners, creating Brown & Root Industrial Services. In August 2025, OEP acquired Bernhard Capital Partners’ stake in the business, with existing shareholder KBR retaining a significant ownership position alongside OEP.
ORIX invests from $75 million to $250 million of equity per transaction in North America-based middle-market companies that are active in the business services, infrastructure services, and industrials sectors. New York-based ORIX Capital Partners is a business unit of ORIX Corporation USA, a Dallas-based financial services firm. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned financial services company with operations in 38 countries and regions worldwide.
Houston-based Hastings Equity Partners invests in energy services and equipment companies (upstream, midstream, and downstream) with EBITDA from $4 million to $20 million. Hastings’ approach is to leverage the operational experience of the firm’s managers and investors, many of whom are active or former CEOs of Fortune 1000 companies.
One Equity Partners is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Its typical equity investments range from $30 million to $300 million. In April 2022, OEP closed its latest fund, One Equity Partners VIII LP, with committed capital of $2.75 billion. OEP, which has offices in New York, Chicago, Frankfurt, and Amsterdam, spun out of JP Morgan in 2015 and has completed more than 300 transactions globally since its founding in 2001.
Houston-based 
