2,000 staff to transfer as Aberdeen's Sparrows Group sold to French firm

North Sea stalwart Sparrows Group has been acquired by French firm Altrad in a move that will see the transfer of 2,000 workers.

The deal will see some 2,000 Sparrows' staff transfer to the new French owner. Picture: Rory Raitt

The transaction, the value of which has not been disclosed, is expected to close in the second or third quarter of 2022, subject to regulatory approvals.

Aberdeen-headquartered Sparrows Group is a global provider of engineering, inspection, operations and maintenance services to the offshore energy, renewables and industrial sectors. It has been active in the North Sea for more than four decades.

Bosses at Altrad said the deal marked “another exciting milestone” in the company’s development.

They added that around 2,000 people would join Altrad, where their “diverse skills, experiences and knowledge will be highly valued”.

The group said: “This latest transaction will enhance Altrad’s and Sparrows’ portfolio of services, provide and fuel organic growth through mutual cross-selling as well as expand Altrad’s presence in the high-growth renewables service market.

“The transaction will allow Sparrows to benefit from Altrad’s management approach and global presence, whilst retaining the existing and well-respected management team.”

Mohed Altrad, founder and president of Altrad, 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’ 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.”

Stewart Mitchell, chief executive 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.”

He added: “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.”

Altrad was advised by BNP Paribas and Squire Patton Boggs. Evercore served as financial advisor, and Freshfields served as legal counsel to Sparrows.

Headquartered in France, Altrad employs some 40,000 people across its various operations around the world.

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