Generac Holdings Inc. : Generac Power Systems Acquires Magnum Products
10/03/2011| 04:35pm US/Eastern
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Generac Power Systems announced Monday that it has acquired Magnum
Products, a leading manufacturer of high-quality light towers and mobile
generators. The acquisition combines Magnum's 23 years of experience
with Generac's 52 years of power expertise to create a stronger, larger
company with broadened product offerings and expanded distribution
channels. The transaction was completed today.
Magnum will function as a standalone business, continuing operations out
of its facilities in Berlin, Wis. Generac will maintain the Magnum brand
and the companies will together employ more than 1,800 people throughout
Wisconsin.
Generac, a subsidiary of Generac Holdings, Inc. (NYSE: GNRC), is a
leading producer of commercial and industrial portable and standby
generators. Magnum is the number one light tower manufacturer in North
America, with a growing market share in the power rental and mobile
generator market; it was privately held.
"Magnum is an outstanding strategic fit for Generac's business," said
Aaron Jagdfeld, president and chief executive officer of Generac. "This
acquisition brings together two of Wisconsin's leading manufacturers to
better serve customers. We are very excited about what we will achieve
through our combined efforts in engineering, sales, and service."
Magnum was owned by its retiring founder and chairman, Tom Joseph. "Both
companies have earned outstanding reputations in their respective market
places and the combined company will be very powerful. Magnum and
Generac have a bright future, and Magnum's outstanding leadership team
will execute a seamless transition under Generac's ownership."
Magnum's management team will continue to lead the company. Generac and
Magnum will share best practices including global sourcing and vertical
manufacturing.
About Generac (NYSE: GNRC)
Since 1959, Generac has been a leading manufacturer of backup power
generation products serving residential, light commercial and industrial
markets. Generac's power systems range in output from 800 watts to 9
megawatts and are available through a broad network of independent
dealers, retailers and wholesalers. Generac is committed to developing a
long-term vision that promotes environmentally responsible products,
processes and partnerships and strives to be a positive contributor of
sustainable growth in the backup power generation industry. For more
information on Generac, please visit www.Generac.com.
Follow Generac on Twitter @generacpowersys. Become a fan on Facebook at www.facebook.com/generacpowersystem.
About Magnum Products, LLC
Magnum Products, LLC is a supplier of powerful, high quality light
towers, mobile generators, trash pumps, water trailers and combination
power units for a variety of industries and specialties including
construction, energy, mining, government, military, and special events.
The Company's products have been distributed through international,
national and regional equipment rental companies, equipment dealers and
construction companies.
CKPR
Ryan Fitzgerald
Phone: 414-227-3525
Email: rfitzgerald@c-k.com
© Business Wire 2011
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