PE group Star buys air compressor group GenAir
Wed, 05 Mar 2025 | BUSINESS SALE
Private equity group STAR Capital Partnership LLP (STAR) has bought Wednesbury-based pure-play air compressor rental provider GenAir UK.
STAR will become majority owner alongside the founders and is joined by Andy Wright, ex-CEO of Sunbelt Rentals UK, as chairman. The acquisition was financed by a two-bank club, formed by Clydesdale Bank (trading as Virgin Money) and Santander UK.
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.
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.
STAR said GenAir has enjoyed considerable success in recent years with its pure-play approach, allowing a differentiated focus on service quality and reliability to a broad and growing customer base. It added that 90 per cent of its customer use cases are recurring repair and maintenance activities at manufacturing and industrial sites or for maintaining utilities and transport infrastructure. The company provides services from three depots providing nationwide coverage of the UK.
STAR said GenAir fits well within its specialist rental and "assets as a service" investment theme. Its leading position, growth track record, essential nature of its service, and resilient end markets are typical of the qualities STAR seeks in its investments.
"Air compressor rental is a niche where equipment performance is critical to customers. The GenAir team have built an enviable position, dedicated to customer responsiveness and equipment quality that will allow them to continue to win in this specialist segment of the UK rental sector. We are very excited to support them with additional investment to continue their outstanding track record," said Mark Coxall, Partner at STAR.
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