CCMP Capital to Acquire Generac Power Systems
Generac Power Systems, after 47 years of private ownership by its founder and Chairman Robert D. Kern, has signed an agreement that will result in a change of control. The company is a manufacturer of standby power products and is solely focused on that business. Its four manufacturing facilities are located in Waukesha, Eagle and Whitewater, Wisconsin and Maquoketa, Iowa.
In the next few months, the investment firm of CCMP Capital will assume ownership. It is important to Generac's management and to CCMP Capital that the company maintains its successful business model and protects its corporate culture. To that end, the current Generac management team — William Treffert (CEO), Dawn Tabat (COO) and Aaron Jagdfeld (CFO) — will continue in their leadership roles. The Generac Power Systems name will also remain in place.
"This transition has been long anticipated and I am confident that we have selected the best partner for Generac," said Robert Kern. "The success we have enjoyed over the past decades has been a result of the excellent work of our employees and the strong relationships that we have built with our business partners. I know that those aspects are important to CCMP Capital and that Generac will continue to build upon its successes in the future. Our industry-leading reputation for quality and innovation will be as strong as ever."
Under several brand names, Generac produces generators and automatic transfer switches for residential, commercial, industrial, telecommunication and recreational vehicle applications. The company is a single source supplier of fully integrated solutions ranging in output from 6 to 6000kW.