ORIX Capital Partners (OCP), the private equity arm of ORIX Corporation USA, announced the sale of Specialty Welding and Turnarounds (SWAT) to Brown & Root Industrial Services, which is owned by One Equity Partners and KBR. As part of the transaction, Hastings Equity Partners exited its minority stake in SWAT.
OCP first invested in SWAT in 2020, citing the company’s management team and the opportunity to build scale in a fragmented industrial services market. Since that investment, SWAT expanded its operations and workforce and now employs more than 32,000 skilled personnel across 22 U.S. states, providing specialty welding and turnaround services to industrial customers.
Matt Scullion, Managing Director at ORIX Capital Partners, said the transaction represents a positive outcome for both the business and investors. He noted that OCP worked closely with SWAT’s management team to strengthen the company’s operating platform and position it for long-term growth.
Shane Bellanger, Chief Executive Officer of SWAT, said the partnership with OCP supported the company’s expansion and operational development. He added that SWAT looks forward to continuing to serve its customers as part of Brown & Root Industrial Services.
Joe Conlon, Managing Director at Hastings Equity Partners, said Hastings’ eight-year involvement with SWAT, including its partnership with OCP beginning in 2020, contributed to the company’s development into a market leader in safety and operational performance. Lazard acted as financial advisor, and Kirkland & Ellis served as legal counsel to OCP and SWAT in connection with the transaction.
Founded in 2014, Specialty Welding and Turnarounds provides technical turnaround services, including specialty welding, mechanical services, catalyst handling, and cooling tower services. The company primarily serves customers in the refining, petrochemical, and biodiesel sectors.
ORIX Capital Partners manages direct equity investments in established middle-market companies across North America, with a focus on industrial and business services. ORIX Corporation USA operates across private credit, real estate, and private equity, with operations supported by its global parent company, ORIX Corporation, which is listed on the Tokyo and New York stock exchanges.
