Aberdeen head-quartered Sparrows announced today the sale of the Company to management and funds advised by AEA Investors LP.
Established in 1973, Sparrows is one of the most well-known and trusted names in the oil and gas industry, employing 1,750 people in 19 locations globally. Providing oilfield engineering services, Sparrows specialises in offshore lifting, crane engineering and services, mechanical handling, pipe and cable lay systems, fluid power engineering, equipment rentals and competence training.
In the last 18 months Sparrows has transformed its business, significantly increasing turnover, profits and international reach and creating over 200 new jobs.
Major new international contracts have given the business the confidence to invest in new premises, equipment and processes to expand its current service offering.
Doug Sedge, chief executive officer of Sparrows, said: “This is a great outcome for Sparrows’ customers and staff around the world. We have already invested considerably in people, premises and processes but, with AEA’s backing we will be able to make a real step-change in our growth plans.”
“The business will continue to be run by the current management team who will have significant additional capital available to accelerate the growth of the business. We will actively pursue acquisitions, as well as make further investment in people and equipment, that will enhance our service provision and global reach.”