Peter Searle to head up merged Air Energi and Swift Worldwide Resources
Air Energi Group Limited and Swift Worldwide Resources Limited have merged to form Airswift Holdings Limited.
The deal sees Airswift hit the market as a $1.2bn turnover company, specialising in global workforce solutions for the energy, process and infrastructure industries.
The company will be led by new CEO, Peter Searle, former chief executive of Adecco in the UK and Ireland. Searle brings more than 28 years’ experience in the global recruitment sector.
Ian Langley, founder and chairman of the board at Air Energi, will serve as chairman of Airswift, and Janette Marx, chief operating officer of Swift, will become Airswift COO.
The company will have a total of 57 operating locations, employ more than 800 people globally and manage a deployed workforce exceeding 6,000 worldwide. Airswift will have three corporate hubs in Manchester, Houston, Texas, and Singapore.
Searle said, “This merger creates one of the world’s largest and most trusted partners in global workforce solutions. There is an obvious strategic fit between the two organisations: culturally, geographically and operationally. We believe this combination, supported by more than 35 years’ experience in the business, creates a unique proposition in our market, enabling us to develop long-term partnerships with our clients to deliver on their strategic goals.”
Marx commented, “In a rapidly changing business climate, Airswift’s size and global reach will give us the flexibility to scale our workforce solutions as our clients’ needs evolve – wherever they are located around the world.”
Langley said, “With Peter leading our executive team, we have the vision and drive we need to become the number one player in the market. Duncan Gregson, CEO of Air Energi, and Tobias Read, CEO of Swift, were instrumental in making this merger possible and will continue to support the operating management team as non-executive directors of the board.”
The transaction was structured as an all-stock merger backed by Swift and Air Energi’s private equity backers, Wellspring Capital Management and LGV Capital.
Baird served as exclusive financial advisor on the merger and the related refinancing.
The deal adds to Baird’s track record advising on transatlantic M&A deals, including Coating Excellence International, Apollo Education Group, GRW Bearing GmbH and DNC Diagnostics Center.