Generac Power Systems Acquires Magnum Products
November 11 2011
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.
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.
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