The transaction will include the acquisition of Sparrows’ wind energy business Alpha and is an important development in Altrad’s global growth ambitions, further strengthening its position in the offshore, renewables and industrial sectors while also enhancing Altrad’s operations in the Americas where Sparrows has several operational bases.
Sparrows will be run autonomously by its existing management as a separate entity within Altrad, ensuring operational continuity while providing access to Altrad’s extensive global network, multi-industry expertise and resources. Altrad’s experience and scale in the industrial services sector will support Sparrows to accelerate its diversification strategy in key 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’ 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, 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, allow us to sustainably support each other’s ambitious growth aspirations”.
Completion of the transaction is subject to customary regulatory approvals and is expected to occur in the second or third quarter of 2022.
Evercore served as financial advisor, and Freshfields served as legal counsel to Sparrows. Altrad was advised by BNP Paribas and Squire Patton Boggs.