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Family-owned Generac Power Systems Inc., Waukesha, Wis., is being acquired by investment firm CCMP Capital Advisors LLC, which also has major ownership positions in Quiznos, Cabela’s and AMC Theaters.
“This transition has been long anticipated and I am confident that we have selected the best partner for Generac,” said Robert D. Kern, chairman and founder of the 47-year-old manufacturer of generators under several different names and automatic transfer switches for the recreational vehicle and other industries.
The purchase price was not disclosed. The company said that ownership would be transferred “in the next few months.’’
In a press release, Generac said that the current management team of CEO William Treffert, COO Dawn Tabat and CFO Aaron Jagdfeld, will remain with the company, the name of which will not change.
“The excellent relationships that Generac has established with its dealers, distribution channels and vendors will be unaffected by this change in ownership,” Treffert said. “All of us will be focused on growing this dynamic business.’’
Generac introduced the automatic home standby generator in 1989 and today sells more natural and/or liquid propane generators than all other companies combined. Generac’s new QT Series, designed specifically for commercial applications, features output from 20 to 150 kilowatts and operates on natural gas.
Besides single engine units, Generac offers modular power systems and Gemini twin gensets with onboard paralleling technology that provide scalability, flexibility and redundancy.
Generac’s “bi-fuel” generator that operates on a combination of diesel and natural gas, was cited as the 2005 product of the year by Consulting-Specifying Engineer magazine.
CCMP, with affiliates in London and Asia, manages $10 billion in direct equity investments.
“Generac has a tremendous business model supported by an outstanding array of products, great distribution partners and an experienced and entrepreneurial management team,” said Steve Murray, president of New York City-based CCMP Capital.