Global Power Equipment Group Inc. announced today that it has acquired privately-owned IBI, LLC.
IBI Power is the provider of custom power packaging and integration solutions, including packaged generator enclosures, control house systems and industrial tanks.
The purchase price for the acquisition was set at US$19.5 million in cash which is subject to final working capital adjustments.
Luis Manuel Ramírez, President and Chief Executive Officer of Global Power, said, "IBI Power and our Koontz-Wagner business represent an ideal synergistic combination. It furthers our reach into midstream oil and gas applications, switchgear OEMs and distributed power. This is the fastest growing area of our business currently and the acquisition immediately provides us additional capacity for this growth. With this acquisition, we accomplish our goal of achieving a number one or two positions in the solutions we offer for the packaged controls business,"
IBI Power has headquarters in Caldwell, Idaho and has approximately US$26.6 million worth of revenue as reported in 2012.
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