Hastings Equity ventures into downstream sector, acquires Specialty Welding and Turnarounds
HOUSTON -- Hastings Equity Partners, a private equity firm focused on investing in lower, middle-market energy services and equipment companies, is pleased to announce its seventh Fund III platform investment in Specialty Welding and Turnarounds, LLC.
Based in Gonzales, La., SWAT is a provider of specialty welding and other turnaround services to refinery, petrochemical and industrial customers.
"We are thrilled to partner with the talented team at SWAT," said Ted Patton, managing director of Hastings. "SWAT's highly technical capabilities, excellent safety culture and blue chip customer base explain the organization's incredible growth over the last four years. In addition, the organization's recent expansion into mechanical services will complement its already strong presence in specialty welding. Under the leadership of co-founders Johnny Holifield and Jimmy Quick, SWAT has an extremely bright future."
The investment in SWAT is a milestone for Hastings as it marks the firm's first investment for Hastings Equity Fund III, L.P. in the downstream services sector.
"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," said Johnny Holifield, president and chief executive officer of SWAT. "Our partnership with Hastings allows us to further expand our service capabilities, geographic footprint and culture of best practices. With a team that is comprised of the industry's best, there is no limit to what we can build here at SWAT."
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