Generac Pramac Deal Final
By pdamon03 February 2016
About a year and a half after acquiring Pramac America LLC and its line portable generator sets, water pumps and related products, Generac Holdings Inc., the Waukesha, Wis.-based manufacturer of power generation equipment and other engine powered products, has gone all in signing an agreement to acquire a majority share of the owner of the Pramac brand, Italy’s PR Industrial S.r.l and its subsidiaries,. The transaction closed in early March.
Founded in 1966 by the Campinoti family and headquartered in Siena, Italy, Pramac is a manufacturer of stationary and mobile generators up to 3360 kVA for a variety of commercial and industrial applications primarily sold under the Pramac brand, as well as portable generators used for residential, light construction and recreational. The company also has a line of material handling equipment sold under the Lifter brand.
Selling into over 150 countries through a broad distribution network, Pramac employs over 600 people across its four manufacturing plants and 14 commercial branches worldwide.
“Acquiring a majority share of Pramac will be a great strategic fit for Generac as we build out our power generation business around the globe,” said Aaron Jagdfeld, president and chief executive officer. “This acquisition will dramatically increase our global presence by adding product, manufacturing and distribution capabilities that serve local markets around the world. In addition to creating global opportunities for our existing product lines, this transaction should also generate meaningful cost synergies as we leverage our combined sourcing and manufacturing capabilities across the world.”
Paolo Campinoti, chief executive officer of Pramac, will remain a key shareholder and, along with the company’s management team, will continue to lead the Pramac business as CEO.
For more information www.Pramac.com
For more information: www.generac.com