Generator manufacturer Generac Holdings Inc. announced the finalization of a purchase deal with Ambienta I for the acquisition of Tower Light Srl and its wholly-owned subsidiaries earlier today.
Italy-based Tower Light is among the leading suppliers and developers of mobile light towers throughout the Middle East, Europe and Africa. Since its foundation in 1996, Tower Light has grown and built a topnotch reputation in the equipment rental markets by continuously improving product offering and strengthening distribution network in more than 50 countries.
Tower Light net sales reached an estimated EUR 37 million by the end of December 31 last year.
"Tower Light is a great strategic fit for Generac's business, providing an expanded product offering of light tower generators to support additional geographic markets beyond those we serve today," stated Generac Chief Executive Officer and President Aaron Jagdfeld. "Acquiring Tower Light positions us as a global leader in light towers, allowing us to participate in the growing rental market for these products outside the U.S."
Following the purchase agreement, Tower Light's management team also resolved to lead the company and discover opportunities to put the Tower Light brand name among the ranks of other Generac brands such as Magnum and Ottomotores.
Tower Light managing director commented on the deal, saying "This is a very exciting development for Tower Light which opens up many new opportunities and allows us to continue to innovate and further develop the Tower Light product range. We are pleased to join the Generac family, and we look forward to our continued success as we work together to execute on potential synergies and drive global growth for mobile power products."
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