Sparrows to be acquired by Altrad
02 March 2022
Agreement has been signed for international crane and engineering maintenance specialist Sparrows Group to be acquired by Altrad Group.
Sparrows’ wind energy business Alpha is part of the transaction with industrial services provider Altrad. Terms of the deal were undisclosed.
Sparrows said it will be run autonomously by its existing management as a separate entity in Altrad. A benefit will be access to the Altrad global network, multi-industry expertise and resources, Sparrows said.
Mohed Altrad, Altrad founder and president, said, “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’ 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”.
Commenting on the move Stewart Mitchell, Sparrows CEO, 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.”
Completion is forecast for the second or third quarter of 2022, subject to regulatory approval.