A UK private equity firm has settled a legal dispute with HIG Capital after alleging that the US distressed investor had attempted to unlawfully wrest control of a portfolio company.

Gresham Private Equity, a UK mid-market firm, had alleged four former directors of Swift, a Gresham-owned oil and gas services supplier, had wanted the private equity firm to lose control of the company so that HIG could acquire it after buying debt from GE Commercial Finance.