Funds affiliated with CCMP Capital are selling all of their 7.02 million shares of stock in Generac Holdings Inc. through a secondary offering, excluding small amounts held by directors and a former director that were given as compensation for service on the board of directors.
The selling stockholders will receive all of the proceeds from the transaction. The company, officers and directors are not selling any shares.
Goldman, Sachs & Co. has underwritten the offering.
Waukesha-based Generac manufactures generators and engine powered products. It closed yesterday on a purchase agreement to acquire the equity of Italian mobile light tower supplier Tower Light Srl.
Generac reported this week second quarter net income of $28.25 million, or 40 cents per diluted share. It was more than triple the company’s net income of $9.3 million, or 14 cents per diluted share, a year ago. Net sales were up 45 percent, to $346.7 million.
The company withdrew a secondary offering of about 11.5 million common shares in December 2012 due to market conditions.