Aberdeen-headquartered Sparrows Group is being bought by industrial services giant Altrad.
Around 2,000 workers are expected to transfer over from the energy services firm to the French-headquartered group when the deal closes in Q2 or Q3 this year.
The value of the deal has not been disclosed. In its interim financial report for 2021, Sparrows had revenues of £207.7 million on pre-tax profits of £1.9m.
Altrad said the firm will run independently within the group, “therefore redundancies are unlikely”.
The industrial services group already employs 40,000 people worldwide, including 7,250 in the UK and Ireland.
Altrad currently works in oil and gas, energy, power generation, process environment nad the construction markets.
Mohed Altrad, Founder and President of Altrad, commented: “Sparrows is well-respected across all the global locations it operates and is a trusted service provider and supplier to numerous sectors and strategic clients. Sparrows’ over 2,000 skilled and knowledgeable people will be a valuable addition to our group and we are looking forward to welcoming them to the Altrad family”.
We are very pleased to announce that we have signed an agreement for Sparrows Group, including our renewables business Alpha, to be acquired by leading industrial services provider @altrad_services.https://t.co/lilH6se4Xe pic.twitter.com/DxPBrJ0avS
— Sparrows Group (@sparrows_group) March 2, 2022
Stewart Mitchell, CEO of Sparrows, said: “This is a hugely exciting time for Sparrows, and we are looking forward to joining Altrad. We are excited about Altrad’s strategic vision and ambition, and this transaction will deliver many advantages for our clients and employees as we continue on our diversification and growth trajectory.
“The shared values between Altrad and Sparrows, especially a commitment to quality and safety, allows us to sustainably support each other’s ambitious growth aspirations”.
Sparrows’ history is rooted in the North Sea, supplying crane services to the Forties field in 1975 before opening its first training facility in Aberdeen eight years later.
The group went on to move into new markets in the 1990s including Angola, Australia and the UAE.
Today Sparrows Group works across industries including oil and gas, offshore wind and the onshore industrial sector in the US.
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