Industrial services provider Altrad has agreed a deal to acquire global engineering and maintenance specialist Sparrows Group.
The transaction will include the acquisition of Sparrows’ wind energy business Alpha, which will further strengthen Altrad’s position in the offshore, renewables and industrial sectors.
It will also enhance 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.
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’ 2000 skilled and knowledgeable people will be a valuable addition to our group and we are looking forward to welcoming them to the Altrad family.”
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.