We have advised Clydesdale Bank plc (trading as Virgin Money) and Santander UK plc on the financing of STAR Capital Partnership LLP’s (STAR’s) acquisition of the UK’s leading pure-play air compressor rental provider GenAir UK Ltd (GenAir UK).
Santander and Virgin Money formed a two-bank club to fund the acquisition of GenAir UK and its subsidiary GenAir Asset Leasing Limited. Gateley Legal acted for both banks and coordinated the input of the banks and agent.
STAR is a private equity firm focused on building and developing businesses around strategic assets in Western Europe, including an investment focus on specialist industrial businesses.
Headquartered in Wednesbury and operating across the UK, GenAir UK Ltd operates a fleet of over 800 standard and specialised air compressors and dryers used across the aerospace, petrochemical, rail, sewage treatment and civil engineering sectors for repair and maintenance activities.
Our team was led by banking and finance partner Alison Davidson-Cox, supported by associate Megan Kirby, senior associate Sharon Malhi, qualifying paralegal Scarlett Culliney and trainee solicitor Harry Rowe in the banking team and by partner and Birmingham head of corporate Andrew Cowan, lawyer Tanisha Gupta, and senior associate Anamika Pandey in our corporate and tax teams.
Ian Mansell, Senior Director, Virgin Money Strategic Finance commented: “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 have 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.”
Nick Howard, Director in Santander’s Financial Sponsors team added: “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.”
Alison Davidson-Cox added: “We are proud to have acted for Virgin Money and Santander UK plc on the financing of STAR’s acquisition of GenAir UK. Both banks have strong expertise in funding sponsor-backed businesses and this deal demonstrates their ability to offer flexible financing solutions and collaborate effectively with other lenders. The deal highlights Gateley Legal’s depth and strength of experience advising on mid-market private equity transactions.”