Recruiters combine to create $1.2bn group
ENERGY sector recruiter Air Energi has merged with a US rival creating a $1.2bn revenue group with offices worldwide.
Private-equity backed AirEnergi and Swift Worldwide Resources are combining to create Airswift Holdings. The deal has been structured as an all-share merger backed by both companies’ private equity backers, Wellspring Capital Management and LGV Capital.
Airswift will be led by new chief executive Peter Searle, a former CEO 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 Air Energi, will serve as chairman of Airswift, and Janette Marx, chief operating officer of Swift, will become Airswift’s chief operating officer.
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, UK, Houston, US and Singapore.
Ian Langley, chairman of Airswift, adds: “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.”
Peter 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.”
Janette Marx added:”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.”
Rebecca Grisewood, corporate partner, and Kate Richards, corporate legal director, from Gateley’s Manchester office acted for the Air Energi management on the merger.
