Waukesha-based Generac Holdings Inc. announced it has signed a purchase agreement to acquire the equity of Tower Light Srl and its wholly-owned subsidiaries from European private equity fund Ambienta I and a group of minority-share investors.
Headquartered outside Milan, Italy, Tower Light is a developer and supplier of mobile light towers throughout Europe, the Middle East and Africa.
“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 chief executive officer 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 which opens up many new opportunities and allows us to continue to innovate and further develop the Tower Light product range. 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,” said Andrea Fontanella, founder and managing director of Tower Light Srl.
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.
The purchase price of the acquisition was not announced.