Pramac, an Italian subsidiary of Waukesha-based Generac Holdings Inc., has acquired a majority interest in Captiva Energy Solutions Private Limited, an Indian firm specializing in customized generators.
The deal continues Generac’s international expansion. Sales outside the United States and Canada accounted for 22 percent of revenue in 2017, up from 10 percent in 2015. The 2016 acquisition of a majority stake in Pramac was a major part of that growth, expanding the company’s dealer network in Europe, the Middle East and Asia Pacific regions.
Now Pramac is entering into India with a stake in Captiva, a company that was founded in 2010 and has seven offices and more than 100 employees in India.
“Acquiring a majority interest in Captiva will be a great strategic fit for Pramac as we expand our power generation business footprint into India, one of the largest power generation markets in the world,” said Paolo Campinoti, chief executive officer of Pramac. “In addition, this acquisition will allow us to leverage our gas generator expertise into this growing market.”
Arijit Bose, founder and CEO of Captiva, will remain a key shareholder of the company and the current management team will continue to lead the business.
“This is a very exciting transaction for Captiva, as the combination of both companies creates a very strong partnership in the power generation market,” Bose said.
Additional terms of the deal were not disclosed.
