Generac Buys Italian Light Tower Manufacturer
Generac Holdings Inc., the Waukesha, Wis. designer and manufacturer of generators and other engine powered products has announced 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. The purchase price was not announced.
Founded in 1996 and headquartered outside Milan, Italy, Tower Light is a developer and supplier of mobile light towers throughout Europe, the Middle East and Africa, with an especially strong position in the equipment rental markets with distribution over 50 countries. With approximately 100 employees, Tower Light’s net sales for year ended December 31, 2012 were approximately $49 million (€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.”
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. It is expected that the transaction will close in the third quarter of 2013, pending standard closing conditions.