ENACT SELLS GREENRAY TURBINE SOLUTIONS TO FLOWSERVE CORPORATION

Yorkshire-based SME investor Enact, which is managed by private equity firm Endless, has today confirmed the sale of Greenray Turbine Solutions (“Greenray”) to US based Flowserve Corporation (“Flowserve”).

Founded in 1981 with headquarters in Lincoln, UK, 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 £19 million 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.

Commenting on the transaction, Chris Hughes, CEO of Greenray, said: “I would first like to thank Enact for the support they have provided over the past six years. Our partnership demonstrates what can be achieved when the right investor and management team are strategically aligned. Flowserve’s global reach and expertise will accelerate Greenray’s growth and broaden the services available to our customers. This is an exciting new chapter, and I look forward to building on our success with the support of our new owners.”

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 Chris.  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.”

Greenray is Enact’s fourth successful exit from its 2019 Fund II, following the sale of Redhall Networks to WHP Telecoms in March 2021, Edbro to Orsan Industries in March 2025, and Realise Training Group to AQA in October 2025.

Enact and Greenray were advised by Piper Sandler (Corporate Finance), Gordons LLP (Legal), KPMG (Financial and Tax) and supported by Sonia Kerr as exit advisor.