A rags-to-riches French billionaire will be the new owner of Aberdeen-headquartered Sparrows Group which employs 2,000 people.
France’s Altrad has snapped up the Aberdeen crane hire and energy services company for an undisclosed sum.
Around 2,000 workers from the Bridge of Don-based Sparrows Group are expected to transfer over to the French-headquartered company when the deal closes in the second or third quarter of the year.
Altrad, which has a north-east operation in Dyce, said the group will run independently within the wider organisation, “therefore redundancies are unlikely”.
It added that it will retain Sparrows’ “existing and well-respected management team”.
Starting small
The industrial services giant was founded by Mohed Altrad in 1985 when he acquired a small French scaffolding company.
The group now employs approximately 40,000 people in around 170 business units around the globe and reported a turnover of €2.7 billion (£2.25bn) last year.
The crane hire firm, founded in 1946, was sold by Jersey-registered owner, Hawk Caledonia.
‘Welcome to the family’
Mr 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.
“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.”
Sparrows recently celebrated its 75th year and has operations in the Americas, the Middle East, Europe, Asia and Australia.
Specialising in offshore lifting and mechanical handling services, the company has been focused on diversifying into both the renewables and other industrial sectors, resulting in investment in new facilities in Abu Dhabi, Kazakhstan, Qatar, Saudi Arabia, Australia and the US in 2021.
Rising talent
Born a Bedouin shepherd, Mr Altrad came from poverty but managed to complete a Phd in computer science at a university in Montpellier ahead of his meteoric rise as an award-winning industrialist.
In addition to being chairman of Altrad, he is also the main supporter of Montpellier Hérault Rugby Club and has written three books.
Montpellier-based Altrad bought Middlesex-based services firm Cape in a £332 million deal in 2017.
