US generator manufacturer Generac has invested in a majority share of PR Industrial, the owner of the Pramac brand.
The transaction, expected to close in the first quarter, followed Generac’s 2014 deal to acquire Pramac America.
Founded in 1966 by the Campinoti family and headquartered in Siena, Italy, Pramac is a manufacturer of stationary and mobile generators for a variety of commercial and industrial applications.
The company also has a line of material handling equipment sold under the Lifter brand. Selling into over 150 countries through a broad distribution network, Pramac employs over 600 people across its four manufacturing plants and 14 commercial branches worldwide.
“Acquiring a majority share of Pramac will be a great strategic fit for Generac as we build out our power generation business around the globe,” said Aaron Jagdfeld, Generac president and CEO.
“This acquisition will dramatically increase our global presence by adding product, manufacturing and distribution capabilities that serve local markets around the world.
"In addition to creating global opportunities for our existing product lines, this transaction should also generate meaningful cost synergies as we leverage our combined sourcing and manufacturing capabilities across the world.”
And Pramac CEO Paolo Campinoti added, “We are pleased to join the Generac family and look forward to continued success as we work together to execute on potential synergies, while driving global growth for our products.”