ORIX Capital Partners (“OCP”), the private equity group of ORIX Corporation USA, today announced the sale of Specialty Welding and Turnarounds (“SWAT”), a leading provider of specialty welding and other highly technical turnaround services, to Brown & Root Industrial Services, owned by One Equity Partners and KBR. Hastings Equity Partners sold its minority position as part of this transaction.

ORIX Capital Partners first invested in SWAT in 2020 due to its strong leadership team and opportunity for strategic value creation in a highly fragmented industry. Since the acquisition, SWAT achieved significant growth and is now comprised of over 32,000 highly skilled professionals across 22 states.

“This sale is an exciting milestone for the OCP portfolio and has resulted in a successful outcome for the business and our investors,” said Matt Scullion, Managing Director at ORIX. “It has been a rewarding experience collaborating with the talented team at SWAT. We are proud to have played a role in management's successful effort to strengthen the platform and position it as a premier provider. We wish them continued success as part of Brown & Root Industrial Services.”

“We are incredibly proud of the progress we achieved during our partnership with OCP and are thankful for the guidance and support that was integral to driving our growth,” said Shane Bellanger, CEO of SWAT. “We look forward to continuing to provide exceptional service and expertise to our clients as part of Brown & Root Industrial Services.”

Joe Conlon, Managing Director with Hastings Equity Partners, added, “by partnering with management and OCP, Hastings has enjoyed a successful eight-year relationship with SWAT. The addition of OCP to that partnership in 2020 accelerated the creation of one of the market leaders in safety and performance, while delivering strong returns to our respective investors.”

Lazard served as financial advisor and Kirkland & Ellis served as legal counsel to OCP and SWAT during the transaction.

About Specialty Welding and Turnarounds

Founded in 2014, Specialty Welding and Turnarounds (SWAT) evolved into an elite and trusted provider of highly specialized turnaround services. SWAT maintains an industry-leading safety record, superior execution capabilities and a wide range of services, including specialty welding, general mechanical, catalyst and cooling tower services. SWAT is the leading provider of these highly technical services to the refining, petrochemical and biodiesel industrial markets. Learn more at www.swatservice.com.

About ORIX Capital Partners

ORIX Capital Partners (OCP), the operationally-focused private equity team of ORIX Advisers, LLC and a wholly-owned subsidiary of ORIX Corporation USA (ORIX USA), manages a fund of direct equity investments in established middle-market companies throughout North America, spanning a variety of industries, including industrial services, business services and general industrials.

About ORIX Corporation USA

Established in the U.S. in 1981, ORIX USA has grown organically and through acquisition into the investment and asset management firm we are today. With a specialization in private credit, real estate, and private equity solutions for middle-market focused borrowers and investors, we combine our robust balance sheet with funds from third-party investors, providing a strong alignment of interest. ORIX USA and its subsidiaries — Hilco Global, ORIX Advisers, ORIX Capital Partners, Signal Peak Capital Management, Boston Financial, Lument, Real Estate Capital, and NXT Capital— have approximately 2,100 employees across the U.S. and have $94.4 billion in assets*, which includes $43 billion in assets and commitments, in addition to $51.4 billion in servicing and administering assets, as of September 2025. Our parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 30 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information, visit www.orix.com.

*As of September 30, 2025. Includes $51.4 billion in servicing and administering assets, in addition to $43 billion in funded assets and unfunded commitments across proprietary capital, third party capital and strategic partners investing in ORIX USA’s private credit, real estate and private equity businesses. Unfunded commitments are based on a contractual commitment or an expected commitment for an established program based on ORIX USA Group’s understanding.

About Hastings Equity Partners

Founded in 2004, Hastings Equity Partners is a lower middle-market private equity firm. Hastings invests first institutional capital in North American founder-led companies within the industrial and business services sectors, where it has deep operating and investing experience. As a preferred capital partner, Hastings seeks to empower businesses to reach their full potential. For more than two decades, the firm has formed long-term partnerships with entrepreneurs while utilizing a hands-on approach to enhance operations, provide strategic support, and accelerate growth. Learn more at https://www.hastingsequity.com/

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