Sparrows is a global provider of offshore engineering products and services to the energy industry, with a strong presence in the UK North Sea.
We bought senior debt in the company in 2016. We expected to earn an attractive return by simply holding the debt to maturity, as the business had a strong position providing safety-critical services in a regulated market. Our intention was to explore the opportunity to convert this debt holding into an equity position.
In 2017, our former client assumed responsibility for managing this investment and exited it later the same year.