Generac Holdings Inc. (GNRC), a leading designer and manufacturer of power generation equipment and other engine powered products, announced the signing of an agreement to acquire a majority share of PR Industrial S.r.l and its subsidiaries, owner of the Pramac brand (collectively Pramac). The transaction is expected to close prior to the end of the first quarter of 2016.
Founded in 1966 by the Campinoti family and headquartered in Siena, Italy, Pramac is a leading manufacturer of stationary and mobile generators for a variety of commercial and industrial applications primarily sold under the Pramac brand, as well as portable generators used for numerous residential, light construction and recreational purposes. The company also has a line of material handling equipment sold under the Lifter brand. Selling into over 150 countries through a broad distribution network, Pramac employs over 600 people across its four manufacturing plants and 14 commercial branches worldwide.
“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. “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,” said Paolo Campinoti, chief executive officer of Pramac. “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.” Paolo Campinoti will remain a key shareholder of Pramac and, along with the company’s management team, will continue to lead the Pramac business as CEO going forward.