Gordons advises Enact on sale of Greenray Turbine Solutions
Wednesday 17th December 2025
Gordons has advised Yorkshire-based SME investor Enact, which is managed by private equity firm Endless, on the sale of Greenray Turbine Solutions to US-based Flowserve Corporation.
A corporate team led by Jonathan Asquez with Stephanie Houghton and Lauren Wurzal acted on the deal.
Founded in 1981 with headquarters in Lincoln, Greenray delivers a comprehensive suite of OEM-focused services for industrial gas turbine packages which includes overhauls, control systems, spares and refurbished components.
The group generated sales of more than £19m in the most recent financial year and employs 73 people across its Lincoln headquarters, Aberdeen workshop and a facility in Abu Dhabi.
Enact acquired Greenray in September 2019 after the business had experienced a period of financial pressure, moving quickly to stabilise and professionalise the business, supported by a new senior leadership team.
A strategy prioritising key customer relationships and developing new revenue streams transformed the financial performance of the business, from a loss-making position on acquisition to profitability on exit.
Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
Chris Cormack, managing partner of Enact, said: “We are very proud of what Greenray has achieved since our acquisition in 2019, under the outstanding leadership of CEO Chris Hughes.
“The business has a team of dedicated employees and, through their hard work and commitment, Greenray is now a market leading OEM service provider of industrial gas turbine packages.
“We wish Flowserve and Greenray every success for the future; the businesses are a strong strategic fit providing critical services to the power generation sector.”
Jonathan Asquez commented: “Stephanie Houghton and I have been in the privileged position of advising Enact on the initial investment in Greenray, as well on the exit.
“This is testimony to the strong relationship we have with Enact and we are pleased to have played our role in enabling a very positive outcome for all parties.”
Enact and Greenray were also advised by Piper Sandler on corporate finance, KPMG on financial and tax and supported by Sonia Kerr as exit advisor.
