25.03.2008

Bid for Energy Cranes

Close Brothers Private Equity is reported to be close to finalising a deal to acquire Energy Cranes, the Aberdeen based offshore crane company for £100 million.

Energy Cranes owns Sparrows Offshore and Titan Cranes, the group employs around 2,000 at 21 service bases around the world. In addition to selling new and used cranes it provides crane operators, mechanics and spare parts.

The company has annual revenues in the region of £110 million and is currently owned by LMS Capital, which has appointed Jeffries, the investment bank, to sell the business.