Waukesha-based generator manufacturer Generac Holdings Inc. announced it plans to acquire a majority share of Siena, Italy-based PR Industrial S.r.l., parent company of generator manufacturer Pramac and other subsidiaries. The transaction is expected to close in the first quarter.
[caption id="attachment_123423" align="alignright" width="300"] A Generac home standby generator.[/caption]
PR Industrial makes Pramac brand stationary and mobile generators for commercial and industrial uses; portable generators for residential, light construction and recreational applications; and Lifter brand material handling equipment. The company, founded by the Campinoti family in 1966, has more than 600 employees at four manufacturing plans and 14 commercial branches across the world. Its products are sold in more than 150 countries.
Paolo Campinoti, CEO of Pramac, and his management team will continue their roles.
Generac makes a variety of power generation equipment and engine-powered products. Its products serve the residential, light commercial, industrial, oil and gas, and construction sectors across the world. The company has struggled in recent quarters due to record low power outages.
In 2014, Generac acquired some assets of Pramac America LLC to expand its portable engine powered tools offerings. The acquisition included the subsidiary’s Marietta, Ga. Plant.
“Acquiring a majority share of Pramac will be a great strategic fit for Generac as we build out our power generation business around the globe,” said Aaron Jagdfeld, president and chief executive officer of Generac. “This acquisition will dramatically increase our global presence by adding product, manufacturing and distribution capabilities that serve local markets around the world. In addition to creating global opportunities for our existing product lines, this transaction should also generate meaningful cost synergies as we leverage our combined sourcing and manufacturing capabilities across the world.”
“This is a very exciting transaction for Pramac, as the combination of both companies creates a major player in the global power generation market,” Campinoti said. “We are pleased to join the Generac family and look forward to continued success as we work together to execute on potential synergies, while driving global growth for our products.”
A Generac representative could not immediately be reached for further information.