ORIX Capital Partners, the private equity group of ORIX Corporation USA, today announced the sale of Specialty Welding and Turnarounds, a leading provider of specialty welding and other highly technical turnaround services, to Brown & Root Industrial Services, owned by One Equity Partners and KBR. Hastings Equity Partners sold its minority position as part of this transaction.
ORIX Capital Partners first invested in SWAT in 2020 due to its strong leadership team and opportunity for strategic value creation in a highly fragmented industry. Since the acquisition, SWAT achieved significant growth and is now comprised of over 32,000 highly skilled professionals across 22 states.
“This sale is an exciting milestone for the OCP portfolio and has resulted in a successful outcome for the business and our investors,” said Matt Scullion, Managing Director at ORIX. “It has been a rewarding experience collaborating with the talented team at SWAT. We are proud to have played a role in management’s successful effort to strengthen the platform and position it as a premier provider. We wish them continued success as part of Brown & Root Industrial Services.”
“We are incredibly proud of the progress we achieved during our partnership with OCP and are thankful for the guidance and support that was integral to driving our growth,” said Shane Bellanger, CEO of SWAT. “We look forward to continuing to provide exceptional service and expertise to our clients as part of Brown & Root Industrial Services.”
Joe Conlon, Managing Director with Hastings Equity Partners, added, “by partnering with management and OCP, Hastings has enjoyed a successful eight-year relationship with SWAT. The addition of OCP to that partnership in 2020 accelerated the creation of one of the market leaders in safety and performance, while delivering strong returns to our respective investors.”
Lazard served as financial advisor and Kirkland & Ellis served as legal counsel to OCP and SWAT during the transaction.
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