M&A Deal Summary

Gemspring Capital Acquires Airswift

On July 1, 2024, private equity firm Gemspring Capital acquired staffing company Airswift from Wellspring Capital Management and Reiten & Co

Acquisition Highlights
  • This is Gemspring Capital’s 1st transaction in the Staffing sector.
  • This is Gemspring Capital’s 32nd transaction in the United States.
  • This is Gemspring Capital’s 4th transaction in Texas.

M&A Deal Summary

Date 2024-07-01
Target Airswift
Sector Staffing
Buyer(s) Gemspring Capital
Sellers(s) Wellspring Capital Management
Reiten & Co
Deal Type Secondary Buyout

Target

Airswift

Houston, Texas, United States
Airswift is a global workforce solutions provider specializing in temporary and permanent staffing for technology and engineering roles within the global energy sector. The Company offers a compelling value proposition by connecting scarce STEM talent with technical engineering projects in challenging environments. Airswift is based in Houston, Texas.

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Buyer(S) 1

Buyer

Gemspring Capital


Category Private Equity Firm
Founded 2015
PE ASSETS 3.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.


DEAL STATS #
Overall 32 of 39
Sector: Staffing M&A 1 of 1
Type: Secondary Buyout M&A Deals 10 of 12
State: Texas M&A 4 of 6
Country: United States M&A 32 of 38
Year: 2024 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-14 Insurvia

Las Vegas, Nevada, United States

Insurvia is an insurance services holding company with subsidiaries including Fiesta Insurance, a leading retail franchisor of insurance products and services with 70 franchisees operating 235 retail stores across nine states and a growing eCommerce platform, and bravo general, an MGA with an omnichannel distribution strategy serving the automotive market. Insurvia is based in Las Vegas, Nevada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-22 Outform

Chicago, Illinois, United States

Outform is a provider of point-of-purchase displays and related services. Outform provides a comprehensive solution for custom point-of-purchase displays, including creative design, engineering, prototyping, production, and logistics. Outform was founded in 1938 and is based in Chicago, Illinois.

Sell -

Seller(S) 2

SELLER

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $1 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.


DEAL STATS #
Overall 37 of 37
Sector: Staffing M&A 3 of 3
Type: Secondary Buyout M&A Deals 16 of 16
State: Texas M&A 3 of 3
Country: United States M&A 33 of 33
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 Pinnacle Service Brands

Rosemont, Illinois, United States

Pinnacle Service Brands is a Planet Fitness franchisee operating across three distinct regions including the Great Lakes, Mid-Central and Southeast. Pinnacle Service Brands was founded in 2010 and is based in Rosemont, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-03 Summit Spine & Joint Centers

Lawrenceville, Georgia, United States

Summit Spine & Joint Centers operates ambulatory surgery centers and pain management clinics in the greater Atlanta area. Summit provides interventional pain management treatment to patients who suffer from chronic pain symptoms. Summit Spine & Joint Centers was founded in 2014 and is based in Lawrenceville, Georgia.

Buy -
SELLER

Reiten & Co

Oslo, Norway

Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 450M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Reiten & Co is a Norwegian private equity firm that targets control investments in middle-market Scandinavian companies. Reiten looks for businesses with strong management, solid cashflow, and operating in a growing industry. The Firm's target investment size is €10 to €40 million per transaction. Reiten was formed in 1992 and began investing in 1996. The Firm is based in Oslo.


DEAL STATS #
Overall 21 of 22
Sector: Staffing M&A 3 of 3
Type: Secondary Buyout M&A Deals 4 of 4
State: Texas M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-01 Grilstad

Ranheim, Norway

Grilstad is a provider of fresh meat products. Grilstad’s main customers are retail store chains, foodservice distributors, and wholesale industrial consumers. Grilstad was established in 1983 and is based in Ranheim, Norway.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-19 Vow Green Metals

Lysaker, Norway

Vow Green Metals produces and sells biocarbon and CO2 neutral gas in Norway. The company also offers bio-oil and bioenergy. Vow Green Metals was founded in 2021 and is based in Lysaker, Norway.

Sell -