Gresham exits Altair

Gresham Private Equity, the UK mid-market private equity firm, today announces that it has successfully exited Altair through the sale of the business to GE Energy.

Altair is a leading provider of inlet filtration solutions for the power generation, oil and gas and marine industries. With an international reach, its filters are used to clean the air entering gas turbines which power everything from oil and gas rigs and electricity generation units to cruise liners

Gresham has helped Altair to realise its tremendous growth potential over the last three years through the strong strategic and financial support provided to the management team. Gresham’s philosophy of positive interest, encouragement and advice, whilst allowing the management team the freedom to invest and develop the business using its extensive experience, provided an impressive framework for the enterprise to flourish.

The acquisition will unite the complementary product offerings from both companies.

Dan Heintzelman, president of GE Energy’s services business, commented: “Adding Altair’s expertise, experience and technology will further expand our offerings in the environmental services area. It will enhance our technology portfolio by strengthening our inlet system and filtration capabilities, giving our customers more complete pre-combustion air quality solutions.”

Andrew Steel, Altair CEO, adds: “We’ve had a fantastic experience with Gresham, and they truly gave us the opportunity to realise the potential from our talented team. Joining GE Energy is absolutely the right move for our business now. The combination of GE Energy’s significant resources, and Altair’s excellent fit within the environmental services portfolio make us a great combination. We’re very grateful to Ken Lawrence and the Gresham team for playing such a key role in the development of our business.”

Robert W. Baird advised the shareholders on this transaction. David Silver of Baird said: "Following hard on the heels of Gresham's investment in Olaer, this transaction is another example of the attractive opportunities available within the specialist manufacturing sector in the UK. The management team and Gresham have worked well together to identify significant niches within the filtration sector and, as a consequence, position Altair for future growth."