Franklin Square Upsizes Commitment to Swift Worldwide Resources

Franklin Square Capital Partners, the largest manager of business development companies, upsized its senior secured unitranche loan to support the merger of Air Energi Group Limited with Swift Worldwide Resources Limited to form Airswift Holdings Limited. Swift is a portfolio company of the New York-based middle market private equity firm, Wellspring Capital Management,

The financing was provided by FS Investment Corporation II, FS Investment Corporation III and FS Energy and Power Fund, three BDCs managed by affiliates of Franklin Square and sub-advised by GSO Capital Partners LP.

Airswift brings together two of the world’s leading names in energy recruitment. With the largest geographic footprint in the industry, Airswift will offer a suite of workforce solutions on a worldwide basis, including recruitment for contract staff and permanent hires, resource consultancy, global mobility and managed solutions.

“Franklin Square’s unique access to capital across our BDC platform allows us to grow our investment in strong portfolio companies such as Swift,” said Michael C. Forman, chairman and chief executive officer of FSIC II, FSIC III and FSEP.

Specific terms of the deal were not disclosed.

In other Franklin news, last week The DI Wire reported that the firm hired Lewis Katz as chief business development officer.

Franklin Square was founded in Philadelphia in 2007 and introduced the industry’s first non-traded BDC. As of December 31, 2015, the firm managed approximately $16.8 billion in total assets, including $15.5 billion in BDC assets.

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