Private equity firm STAR Capital Partnership LLP has successfully acquired GenAir UK, a prominent air compressor supplier based in Wednesbury, in a strategic move aimed at strengthening its foothold in the industrial sector. The acquisition was supported by a financing deal arranged through a two-bank partnership between Clydesdale Bank, trading as Virgin Money, and Santander UK. Both banks worked together to ensure the smooth execution of the transaction.
GenAir UK, which operates a fleet of over 800 air compressors and dryers, serves various industries, including aerospace, petrochemical, rail, sewage treatment, and civil engineering. The deal also includes GenAir Asset Leasing, a subsidiary specializing in equipment leasing, expanding the company’s overall market offering.
Ian Mansell, senior director at Virgin Money Strategic Finance, expressed his satisfaction with the deal. “We are delighted to have worked alongside STAR Capital and Santander to deliver additional investment that will support the continued growth of GenAir. Alison and the team at Gateley provided invaluable support throughout the financing process, ensuring a successful and timely transaction,” Mansell said.
STAR Capital, known for its focus on strategic investments across Western Europe, aims to develop industrial businesses. This acquisition is in line with the firm’s ongoing investment strategy in the specialist industrial sector.
Legal counsel throughout the transaction was provided by Gateley Legal, with banking and finance partner Alison Davidson-Cox leading the team. The legal team included associate Megan Kirby, senior associate Sharon Malhi, and trainee solicitor Harry Rowe. Corporate and tax advice was provided by partner Andrew Cowan, lawyer Tanisha Gupta, and senior associate Anamika Pandey.
Nick Howard, director at Santander’s Financial Sponsors team, underscored the significance of the acquisition, stating, “This was a fantastic transaction to be involved in, and we are pleased to have supported another high-growth business in the Midlands. It was a pleasure working with Alison and her team at Gateley, who provided valuable counsel throughout the process.”
Under STAR Capital’s ownership, GenAir UK is poised for further expansion, leveraging the firm’s expertise and capital to enhance operations and broaden its market presence.
Related topics: