Acquisition of leading light tower
manufacturer positions Generac as a global leader in mobile power equipment and
accelerates international expansion efforts
WAUKESHA, Wis. — July 25 -- Generac Holdings
Inc., a leading designer and manufacturer of generators and other engine
powered products, announced today the signing of a purchase agreement to
acquire the equity of Tower Light Srl and its wholly-owned subsidiaries from
European private equity fund Ambienta I, advised by Ambienta SGR, and a group
of minority-share investors.
Founded in 1996 and headquartered outside
Milan, Italy, Tower Light is a leading developer and supplier of mobile light
towers throughout Europe, the Middle East and Africa. Tower Light has
experienced growth and built a leading market position in the equipment rental
markets by leveraging their broad product offering and strong global
distribution network in over 50 countries. With approximately 100 employees,
Tower Light’s net sales for year ended December 31, 2012 were approximately €37
million.
“Tower Light is a great strategic fit for
Generac’s business, providing an expanded product offering of light tower
generators to support additional geographic markets beyond those we serve
today,” said Aaron Jagdfeld, President and Chief Executive Officer of Generac.
“Acquiring Tower Light positions us as a global leader in light towers,
allowing us to participate in the growing rental market for these products
outside the U.S.”
“This is a very exciting development for Tower
Light which opens up many new opportunities and allows us to continue to
innovate and further develop the Tower Light product range. We are pleased to
join the Generac family, and we look forward to our continued success as we
work together to execute on potential synergies and drive global growth for
mobile power products,” said Andrea Fontanella, Founder and Managing Director
of Tower Light Srl.
Following the close of the transaction, Tower
Light’s management team will continue to lead the company and the Tower Light
brand name will join Generac’s brands, including Magnum and Ottomotores, in
serving global power generation and associated markets. It is expected that the
transaction will close in the third quarter of 2013, pending standard closing
conditions. The purchase price of the acquisition was not announced.
About Generac
Since 1959, Generac has been a leading
designer and manufacturer of a wide range of generators and other engine
powered products. As a leader in power equipment serving residential, light
commercial, industrial and construction markets, Generac's power products are available
internationally through a broad network of independent dealers, retailers,
wholesalers and equipment rental companies.
About Tower Light Srl
Tower Light Srl, founded in 1996 and based at
Villanova d’Ardenghi (PV), is the European leader in the production of lighting
towers for construction and other applications. Through continuous product
development and a broad distribution network, Tower Light Srl has become a
leading supplier to construction and equipment rental companies, providing
mobile power equipment that meets the specific needs of geographic markets
across the world.
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