Menomonee Falls-based Power Products LLC has acquired Apex, N.C.-based RV electrical equipment manufacturer Progressive Industries from Thomas Fanelli. The terms of the transaction, which was completed April 7, were not disclosed.
Progressive Industries, which has about 30 employees, makes surge protection equipment, adapters and connectors used by RV owners. The company will retain its branding and operations in Apex. The current management team at Progressive Industries will remain in place, save for president and former owner Fanelli, who will retire.
The acquisition opens up new growth opportunities for Power Products in the RV industry, said David Scheer, chief executive officer of Power Products.
“We have plans to introduce related products and expand distribution and leverage our sales organization, which has a lot more people calling on OEMs and distribution,” he said. “We have a growing presence in RV and specialty vehicles.”
Since Power Products already makes harsh environment electrical equipment used in the marine industry, this was a natural product adjacency, Scheer said.
“The founder and owner retired, so this was his exit,” he said. “We’ll expand sales and add whatever engineering capability is required.”
Earlier this month, Power Products was sold to San Francisco-based private equity firm Genstar Capital LLC. Scheer said he expects this acquisition to be the first of many as the new owner seeks to add value to the Actuant Corp. spinoff.
Power Products has about 800 global employees, about 280 of whom are based in Menomonee Falls.
