Contact: Ryan Fitzgerald
Phone: 414-227-3525
Email: rfitzgerald@c-k.com
Category Leader Broadens Commerical and Industrial Product Offering
Waukesha, Wis. – Oct. 4, 2011 – 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.
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