Private equity firm pumps up portfolio with air compressor deal

GenAir UK, a Wednesbury-based air compressor supplier, has been acquired by STAR Capital Partnership LLP.

The acquisition was financed by a two-bank club, formed by Clydesdale Bank (trading as Virgin Money) and Santander UK.

Gateley Legal advised both banks, managing the coordination of the financing process for the deal.

GenAir UK, which operates a fleet of over 800 air compressors and dryers, serves various sectors, including aerospace, petrochemical, rail, sewage treatment, and civil engineering.

The company’s subsidiary, GenAir Asset Leasing is also part of the acquisition.

Ian Mansell, senior director at Virgin Money Strategic Finance said: “We are delighted
to have worked alongside STAR Capital and Santander, to deliver additional investment to
support the continued growth and build on the enviable success GenAir has achieved in the
specialist rental market, from their Midlands base.  Alison and the team at Gateley provided
invaluable proactive support and specialist input throughout the deal process to the banking
club, which ensured the successful and timely completion of this deal process.”

STAR Capital, a private equity firm specialising in strategic investments in industrial businesses, is focused on growing and developing businesses across Western Europe.

The deal is part of STAR’s ongoing investment strategy in the specialist industrial sector.

Gateley Legal’s team included banking and finance partner Alison Davidson-Cox, along with associate Megan Kirby, senior associate Sharon Malhi and trainee solicitor Harry Rowe.

Corporate and tax support was provided by partner Andrew Cowan, lawyer Tanisha Gupta, and senior associate Anamika Pandey.

Nick Howard, director in Santander’s Financial Sponsors team said: “This was a fantastic
transaction to be involved in, and we are pleased to have provided support for another high
growth business in the Midlands in GenAir alongside Virgin Money. It was a pleasure to work
with Alison and her team at Gateley who were professional and supportive throughout the
process, providing much-valued counsel to the lenders.”