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Swift Worldwide Resources, a staffing firm serving the oil and gas industry, has been acquired by Wellspring Capital Management LLC. Swift ranked No. 57 on Staffing Industry Analysts’ list of largest global staffing firms with revenue of $651 million in 2012.
Swift’s management team invested with Wellspring in the transaction. Financial terms were not disclosed.
Houston-based Swift provides contract engineers and other skilled personnel to multinational clients in the exploration and production sector. Swift currently has more than 3,000 contractors in active placements across 23 offices in 35 countries.
“The leading multi-national oil and gas companies are increasingly turning to established manpower suppliers such as Swift to provide consistent and reliable service in multiple locations around the world,” said Wellspring Partner Joshua Cascade. “Wellspring will provide Swift with all of the resources necessary to expand with their clients in often remote locations and provide the highest level of service in meeting their manpower needs.”
Wellspring acquired the firm from Gresham Private Equity. Gresham backed a management buyout of the company in June 2006.
Wellspring Capital Management is a middle-market private equity firm founded in 1995 that manages more than $3 billion of private equity capital.