LGV’s Air Energi merges with Wellspring’s Swift

Following the deal, LGV, Wellspring and the company's management have equal ownership of the newly combined company. The transaction was structured as an all-stock merger, backed by both private equity firms.

The business will be led by new CEO Peter Searle, the former CEO of Adecco in the UK and Ireland, while Ian Langley, the founder and chair of Air Energi, will serve as chair of Airswift. Janette Marx, chief operating officer of Swift, has been named Airswift's COO.

In March 2013, LGV announced it would no longer make new investments and instead focus on managing and divesting its portfolio. Since then several of LGV's team have left the GP; most notably managing director Bill Priestley, who joined Electra Private Equity as a partner in January 2014.

Previous funding
LGV acquired Air Energi through a secondary buyout from previous backer Palatine Private Equity in October 2012. Palatine had acquired the business in August 2009 for £30m.

Swift was purchased by Wellspring in November 2013 from former owner Gresham Private Equity – the company was then known as Swift Technical group.

Gresham initially backed the management buyout of Swift in June 2006. The company famously made headlines in 2010 when its four former directors were accused of conspiring to damage the company in order to sell it at a rock bottom price to HIG European Capital. It was alleged that Swift's directors, Stuart Cantley, Paul Jacobs, Graham Chalker and Andrew Lyons, were in cahoots with HIG partners and directors, including Paul Canning and Alastiar Mills, to ruin the company's reputation and therefore force Gresham to write off its investment. The directors were fired in August of that year and the case was settled out of court.

Company
Newly created Airswift is an energy-focused recruitment company, operating globally, offering recruitment for contract staff, permanent hires, resource consultancy, global mobility and managed solutions.

The company has 57 operating locations, employs 800 people and generates turnover of $1.2bn. Airswift has three corporate hubs in Manchester, Houston and Singapore.

People
Airswift – Peter Searle (CEO); Ian Langley (chair); Janette Marx (COO).
LGV Capital – Michael Mowlem (managing director).
Wellspring Capital Management – Joshua Cascade (managing partner).

Advisers
Company – Baird, Peter Augar, David Silver, David Wierman, Bret Schoch (Financial due diligence).

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• Topics
• Expansion
• UK / Ireland
• Support services
• LGV Capital
• HIG Capital
• Gresham Private Equity
• Build-up