ORIX Capital Partners Acquires Specialty Welding and Turnarounds, LLC

ORIX Capital Partners (OCP) announced today the acquisition of a majority interest in Specialty Welding and Turnarounds , LLC, (SWAT), a leading provider of specialty welding and other highly technical turnaround services to the oil and gas refinery, petrochemical and industrial markets.

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Monday, February 3, 2020
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Oil, Gas, Energy, Finance, Money, Economy, Orix USA, Orix, Private equity
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United States, NEW YORK
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  • ORIX Capital Partners (OCP) announced today the acquisition of a majority interest in Specialty Welding and Turnarounds , LLC, (SWAT), a leading provider of specialty welding and other highly technical turnaround services to the oil and gas refinery, petrochemical and industrial markets.
  • SWATs focus on specialty welding and turnaround services with the high level of craftsmanship of its people, combined with a strong company culture, has driven an exceptional performance record in what has become a best-in-class provider, said Craig Kahler , Managing Director of ORIX Capital Partners.
  • Prior to the ORIX Capital Partners acquisition, SWAT was majority-owned by Hastings, a private equity firm focused on investing in middle-market industrial services and equipment companies.
  • ORIX Capital Partners (OCP), a wholly owned subsidiary of ORIX Corporation USA (ORIX USA), is an operationally-focused private equity firm focused on making direct equity investments in established middle-market companies throughout North America, spanning a variety of industries including infrastructure services, business services and industrials.


ORIX Capital Partners (“OCP”) announced today the acquisition of a majority interest in Specialty Welding and Turnarounds, LLC, (“SWAT”), a leading provider of specialty welding and other highly technical turnaround services to the oil and gas refinery, petrochemical and industrial markets. Headquartered in Gonzales, Louisiana, Johnny Holifield, President of SWAT, and Jimmy Quick, Vice President of SWAT, founded the company in 2014 in response to the industry’s growing need for better execution, quality and technical expertise during regularly planned shutdowns.

“SWAT’s focus on specialty welding and turnaround services with the high level of craftsmanship of its people, combined with a strong company culture, has driven an exceptional performance record in what has become a best-in-class provider,” said Craig Kahler, Managing Director of ORIX Capital Partners. “We are excited to partner with the SWAT management team and Hastings Equity Partners (“Hastings”) in this next chapter of growth as the company continues to execute on strategic and operational objectives. In addition to being a compelling opportunity, SWAT is highly complementary to OCP’s investment objectives focusing on the industrial and business services sectors.”

Since its founding, SWAT has evolved into an elite and trusted provider of highly specialized turnaround services with an industry-leading safety record, superior execution capabilities, and a wide range of specialty welding and mechanical service offerings. The company currently has master service agreements with more than 50 U.S. facilities, including some of the world’s largest oil refineries, and maintains multiple touchpoints across its key customer relationships. SWAT has a diverse geographic presence with offices in Louisiana, Texas and California, a coverage area spanning more than 14 states as well as a nationwide craft labor database of over 4,000 highly experienced professionals.

“We are proud of what we’ve built and look forward to partnering with OCP to expand our business,” said Holifield. “We plan to continue expanding our operations across the U.S. while adding to our breadth of service offerings.” Quick added, “We are excited to partner with OCP, our interests and values are well aligned, especially our deep commitment to our customers and employees.”

Prior to the ORIX Capital Partners acquisition, SWAT was majority-owned by Hastings, a private equity firm focused on investing in middle-market industrial services and equipment companies. Hastings and the SWAT management team will continue to be shareholders in the company in partnership with OCP.

Cadence Bank led the financing for the transaction and Kirkland & Ellis LLP served as legal counsel to OCP.

Specialty Welding and Turnarounds

Specialty Welding and Turnarounds (“SWAT”) is a leading provider of welding services, project controls, tower and drum, exchanger, quality assurance, general contracting and other highly technical turnaround services to the oil and gas refinery, petrochemical and industrial markets. With locations in more than 14 states and a national craft labor database of more than 4,000 experienced professionals, the company provides experienced and proven turnarounds all around the county. For more information, visit www.swatservice.com.

ORIX Capital Partners

ORIX Capital Partners (OCP), a wholly owned subsidiary of ORIX Corporation USA (ORIX USA), is an operationally-focused private equity firm focused on making direct equity investments in established middle-market companies throughout North America, spanning a variety of industries including infrastructure services, business services and industrials. OCP was founded in 2016 and has completed five platform transactions and nine follow-on transactions. For more information, visit www.orixcapitalpartners.com.

Hastings Equity Partners

Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market industrial services and equipment businesses. Hastings' approach is to leverage the extensive operational experience of the firm's managers and investors, many of whom are active or former CEOs of Fortune 1000 companies. For more information, visit www.hastingsequity.com.

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