UPDATE: Generac To be Sold
Updates press report with edited version of Generac's official announcement.
Generac Power Systems, after 47 years of private ownership by its founder and Chairman Robert D. Kern, has signed an agreement that will result in a change of control. The company is a manufacturer of standby power products. Its four manufacturing facilities are located in
In the next few months, the investment firm of CCMP Capital will assume ownership. It is important to Generac’s management and to CCMP Capital that the company maintains its successful business model and protects its corporate culture. To that end, the current Generac management team — William Treffert (CEO), Dawn Tabat (COO) and
“CCMP Capital will be a welcome partner for Generac’s future success that will take the Company to even higher levels,” says William Treffert, CEO. “The excellent relationships that Generac has established with its dealers, distribution channels and vendors will be unaffected by this change in ownership. All of us will be focused on growing this dynamic business.”
“This transition has been long anticipated and I am confident that we have selected the best partner for Generac,” says Robert Kern. “The success we have enjoyed over the past decades has been a result of the excellent work of our employees and the strong relationships that we have built with our business partners. I know that those aspects are important to CCMP Capital and that Generac will continue to build upon its successes in the future. Our industry-leading reputation for quality and innovation will be as strong as ever.”
Under several brand names, Generac produces generators and automatic transfer switches for residential, commercial, industrial, telecommunication and recreational vehicle applications. The company is a single source supplier of fully integrated solutions ranging in output from 6 to 6000 kilowatts.
Steve Murray, President of CCMP Capital, said, “Generac has a tremendous business model, supported by an outstanding array of products, great distribution partners and an experienced and entrepreneurial management team. We are delighted to have the opportunity to partner with a company that is so highly regarded, and will continue to build on the company’s track record of success in the North American generator market.”
CCMP Capital Advisors, LLC (“CCMP Capital”), formed in August 2006 by the former buyout/ growth equity investment team of JPMorgan Partners, is a private equity investor
CCMP Capital and its