Private equity firm Hastings Equity Partners has acquired Gonzales-based Specialty Welding and Turnarounds. The financial terms of the deal were not disclosed.
Hastings, which has offices in Houston and in Needham, Massachusetts, invests in lower middle-market energy services and equipment companies. The firm calls the acquisition of SWAT a “milestone,” saying the acquisition is the first investment for its Hastings Equity Fund III LP in the downstream services sector, which will be a key market for Hastings moving forward.
“SWAT’s highly technical capabilities, excellent safety culture and blue chip customer base explain the organization’s incredible growth over the last four years,” Hastings Managing Director Ted Patton says in a statement. “The organization’s recent expansion into mechanical services will complement its already strong presence in specialty welding.”
SWAT provides specialty welding and turnaround services to refinery, petrochemical and industrial companies. President and CEO Johnny Holifield and Vice President Jimmy Quick founded SWAT in 2014 after a series of buyouts and capitalizations changed their former employer’s corporate environment.
“We pride ourselves on providing our customers unprecedented quality and results in the safest way possible, and are confident Hastings will support our growth moving forward,” Holifield says in a statement. “Our partnership with Hastings allows us to further expand our service capabilities, geographic footprint and culture of best practices.”
Cadence Bank led the financing for the transaction, and Locke Lord LLP served as legal counsel to Hastings. IVS Investment Banking represented SWAT shareholders.
