Generac Holdings, a designer and manufacturer of generators and other engine-powered products, last week signed 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 near 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 its broad product offering and strong global distribution network in more than 50 countries. With approximately 100 employees, Tower Light’s net sales for year ended Dec.31, 2012 were approximately €37 million (about U.S. $48.9 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 CEO 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 that opens up many new opportunities and allows us to continue to innovate and further develop the Tower Light product range,” said Andrea Fontanella, founder and managing director of Tower Light Srl. “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.”
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 disclosed.
Waukesha, Wis.-based Generac designs and manufactures a wide range of generators and other engine-powered products serving residential, light commercial, industrial and construction markets.
Tower Light Srl is a European leader in the production of lighting towers for construction and other applications.