New York – July 11, 2022 – AEA Investors’ (“AEA” or the “Firm”) Middle Market Private Equity team announced today that its fund has completed the sale of Sparrows Offshore Group (“Sparrows” or the “Company”) to Altrad Group, a France-based global provider of industrial services. Sparrows is a global provider of specialist engineering and operations & maintenance services to the offshore energy, renewables and industrial markets.
Founded in 1946 and headquartered in Aberdeen, UK, Sparrows’ focus is on providing critical services to ensure equipment, product and operational safety within its customers’ facilities. During AEA’s ownership, the Company has meaningfully diversified its end market exposure, leveraging its core positioning within offshore energy to establish a strong presence in onshore industrial segments and expanding into the renewables segment through the acquisition of Alpha Offshore in 2017. Under the leadership of CEO Stewart Mitchell, Sparrows has also implemented a series of commercial and operational improvement initiatives and the Company is well positioned to continue driving growth as part of Altrad’s leading industrial services platform. This transaction underscores the Firm’s success in partnering with strong management teams to build market-leading companies in the industrial services industry.
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives and leaders; many of whom invest with AEA as active individual investors and/or join its portfolio company boards or act in other advisory roles. Today, AEA’s approximately 100 investment professionals operate globally with offices in New York, Stamford, San Francisco, London, Munich and Shanghai. The firm manages funds that have approximately $17 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies, growth capital and mezzanine and senior debt investments.
Sparrows is a global provider of specialist engineering, inspection, operations and maintenance services to the offshore energy, renewables and industrials markets. The Company largely operates through multi-year managed contracts with leading blue-chip clients and has developed flexible go-to-market capabilities to serve its diversified end markets, including through direct engagement with end users, aftermarket partnerships and strategic joint ventures. Headquartered in Aberdeen, UK, Sparrows provides deep technical expertise through its global network of over 2,200 certified engineers and technicians working in over 20 countries.
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