Energy recruitment firm Air Energi has merged with global counterpart Swift Worldwide Resources, a global oil and gas services company, to become Airswift Holdings Ltd. This mega merger has created a company worth £800 million, operating in 57 locations with over 800 staff managing a deployed labour force of more than 6000 globally.
The all-stock merger was backed by private equity firms LGV Capital and Wellspring Capital Management. Both Air Energi and Swift Worldwide Resources have a reported annual turnover of around £400 million and both bring strong balance sheets to the table.
The merger is intended to build on the strengths of the two companies which are similar in size and reach, but which operate in different regions, with different clients.
The new company will provide a range of workforce services across the world, including resource consultancy; recruitment of permanent and contract staff; global mobility; and managed solutions. There will be three corporate hubs in Manchester, Singapore and Houston.
Airswift will be headed up by new chief executive Peter Searle, previously of Adecco, who brings nearly three decades of experience in global recruitment to the role. Searle has stated that he sees the merger as an opportunity to create one of the planet’s largest and most trusted workforce providers.
He points out that there is a natural strategic fit between the two companies in terms of geography, culture and operations, enabling them to offer strong long-term partnerships with clients.
This view was supported by Joshua Cascade, a managing partner at Wellspring Capital Management, who sees the strategic partnership as an exceptional choice since the two companies work together so well in terms of service capabilities and geographical reach.
The chairman and founder of Air Energi, Ian Langley, will be the chairman at Airswift and former chief operating officer at Swift, Janette Marx, will continue that role as chief operating officer at Airswift.
Chief executive officer at Air Energi, Duncan Gregson and his counterpart Tobias Read at Swift, both played a part in bringing the merger to fruition and will now be non-executive directors of the board, providing support to the operational management team.
With the merger of these two major players in the workforce services arena, the new company seems to be in a great position to build on previous success in this market.
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