Generac (NYSE:GNRC) has reached abroad for its latest asset buy. The company announced Thursday that it inked an agreement to acquire Tower Light, an Italy-based company that develops and sells mobile light towers.
The firm will be bought from private equity fund Ambienta I and a group of minority shareholders. The terms of the deal were not disclosed.
Tower Light was formed in 1996, and according to Generac has "built a leading market position in the equipment rental markets by leveraging their broad product offering and strong global distribution network in over 50 countries" in Europe, the Middle East, and Africa. Its 2012 sales were roughly 37 million euros ($49 million), and it employed around 100 people at the end of that year.
Generac said it would keep Tower Light's management team in place once the transaction closes, which is expected to occur in Q3 of this year.
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