AIR ENERGI acquired by SWIFT WORLDWIDE RESOURCES
Context
Air Energi Group and Swift Worldwide Resources merged in January 2016 to form Airswift Holdings, in an all-stock transaction that left both private equity owners as shareholders of the combined company: Wellspring Capital Management, which held Swift, and LGV Capital, which had held Air Energi since October 2012. At the time of the merger, it operated from 57 locations, employed more than 800 people and managed a deployed workforce of over 6,000, with corporate hubs in Manchester, Houston and Singapore. The two businesses served the same industry from complementary bases, Air Energi strongest in Europe and Asia and Swift in the Americas, and together could offer energy clients a single supplier across their operating regions and a wider pool of candidates. Peter Searle, formerly chief executive of Adecco in the United Kingdom and Ireland, became chief executive of Airswift, with Ian Langley, founder and chairman of Air Energi, as chairman of the board and Janette Marx, chief operating officer of Swift, keeping that role in the combined company.
It is worth noting that the fund Palatine Private Equity took control of Air Energi through an LBO in 2009.
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Target
Air Energi supplies engineers and technical specialists to oil and gas companies, on contract, project or permanent assignments. It recruits and selects the personnel its clients need, then employs them and handles their payroll, visas, travel, accommodation and support throughout their postings, often on remote sites or in countries where those arrangements are complex. Its clients are energy companies and contractors, and it works through a network of offices in the producing regions where its contractors are deployed.
Ent. Value
$1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (USD)
Other operations with AIR ENERGI
Other operations with AIR ENERGI
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2012 | LGV Capital | AIR ENERGI | UNITED KINGDOM | Temp Work / Staffing |
| 08/2009 | Palatine Private Equity | AIR ENERGI | UNITED KINGDOM | Temp Work / Staffing |
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| 10/2012 | LGV Capital | AIR ENERGI | UNITED KINGDOM | Temp Work / Staffing |
| 08/2009 | Palatine Private Equity | AIR ENERGI | UNITED KINGDOM | Temp Work / Staffing |
REFERENCES
Revenue range: $1–10bn
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: swift worldwide resources