HMT, led by partner Ian Barton, advised Swift Worldwide Resources (“Swift”), the market-leading specialist recruitment provider for the global oil & gas industry, on its sale to US private equity firm Wellspring Capital Management LLC (“Wellspring”).
Swift, headquartered in Houston, Texas, is one of the world’s leading suppliers of skilled manpower resources to the global oil and gas industry. Their client base comprises blue-chip, multinational energy firms in the exploration and production sector, where specialist contractors are required to meet the technical demands of projects. With operations across 23 specialist offices covering 35 countries, the business provides over 3,000 personnel for approximately 180 clients in countries as diverse as Azerbaijan, Australia, China and the US.
Ian originally advised the business when Gresham Private Equity invested in Swift in 2006.
With more than $3 billion of private equity capital under management and one of the best track records in mid-market private equity, New York based Wellspring will provide Swift with all of the resources necessary to expand with their clients, in often remote locations, as they continue to provide unparalleled service in meeting their manpower needs.
HMT advised Swift and the management team throughout the complex, cross-border deal in what marks HMT’s first £100m+ transaction.
Tobias Read, CEO at Swift, commented:
“We worked with Ian and HMT over the course of the last 12 months, whose advice was excellent and always timely and well constructed. Ian worked proactively with all our advisers and equity partners to deal with issues expeditiously, which helped us achieve the outcome we did.”
Ian Barton commented:
“Having worked with Swift since Gresham’s original investment, I am delighted to have helped the company and the management team transition to their next phase of growth alongside Wellspring. This was a complex deal that involved all advisers working effectively together across several jurisdictions to produce a successful outcome. We congratulate Tobias and his team and wish them well for the future.”