Star Capital takes majority stake in GenAir UK

STAR Capital completed the acquisition of a majority stake in GenAir UK in February 2025, through its fourth fund, investing alongside the founders who retained a holding. Andy Wright, formerly chief executive of Sunbelt Rentals UK, joined as chairman. It was the sixth acquisition made by that vehicle. GenAir rents air compressors. Compressed air drives the tools, valves and processes of most industrial sites, and when a permanent installation fails or needs servicing, production stops unless a replacement is brought in within hours. The company supplies those machines on hire, with the hoses, dryers and ancillary equipment they require, from three depots covering the United Kingdom. Its customers are manufacturers, industrial operators and the contractors maintaining utilities and transport infrastructure. Nine out of ten hires arise from repair and maintenance work rather than from construction projects, which is what distinguishes the revenue from that of general plant hire: maintenance continues through a downturn, because the alternative is unplanned shutdown, while project-driven rental follows the construction cycle. The company rents compressors and nothing else, unlike the general equipment houses that carry everything from excavators to scaffolding. That narrowness is its position in the market: the fleet is specified for the application, the engineers understand the machines, and a customer calling at short notice reaches people who do this work exclusively. STAR invests in asset-based companies providing services their customers cannot readily do without, at enterprise values up to a billion euros, and committed further capital to extend GenAir’s fleet and coverage. BDO advised on the sale.