Generac has reached abroad for its latest asset buy. The company announced Thursday that it inked an agreement to acquire Tower Light, an Italy-based company that develops and sells mobile light towers.
The firm will be bought from private equity fund Ambienta I and a group of minority shareholders. The terms of the deal were not disclosed.
Tower Light was formed in 1996, and according to Generac has "built a leading market position in the equipment rental markets by leveraging their broad product offering and strong global distribution network in over 50 countries" in Europe, the Middle East, and Africa. Its 2012 sales were roughly 37 million euros ($49 million), and it employed around 100 people at the end of that year.
Generac said it would keep Tower Light's management team in place once the transaction closes, which is expected to occur in Q3 of this year.
The article Generac to Buy Mobile-Light-Tower Company originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Generac. The Motley Fool owns shares of Generac Holdings. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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