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SIENA, Italy, Feb. 01, 2019 (GLOBE NEWSWIRE) -- PR Industrial SRL (“Pramac”), a subsidiary of Generac Holdings Inc. (NYSE: GNRC) (“Generac”) a leading manufacturer of generators, light towers and material handling equipment, announced today its acquisition of a majority interest in Captiva Energy Solutions Private Limited.
Captiva Energy Solutions, founded in 2010 and headquartered in Kolkata, India specializes in customized generators. Captiva has 7 sales offices located throughout India and has over 100 employees.
“Acquiring a majority interest in Captiva will be a great strategic fit for Pramac as we expand our power generation business footprint into India, one of the largest power generation markets in the world,” said Paolo Campinoti, Chief Executive Officer of Pramac. “In addition, this acquisition will allow us to leverage our gas generator expertise into this growing market.”
“This is a very exciting transaction for Captiva, as the combination of both companies creates a very strong partnership in the power generation market,” said Arijit Bose, Founder and Chief Executive Officer of Captiva. “We are pleased to join the Pramac family and look forward to continued success.” Arijit will remain a key shareholder of Captiva and, along with the company’s management team, will continue to lead the Captiva business going forward.
Since 1966, Pramac has been a leading manufacturer of stationary and mobile generators for a variety of commercial and industrial applications primarily sold under the Pramac® brand, as well as portable generators used for numerous residential, light construction and recreational purposes. 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 700 people across its five manufacturing plants and 17 commercial branches worldwide. Pramac is majority owned by Generac Power Systems, Inc. For more information, go to www.pramac.com.
Since 1959, Generac has been a leading designer and manufacturer of a wide range of power generation equipment and other engine powered products. As a leader in power equipment serving residential, light commercial, and industrial markets, Generac's power products are available globally through a broad network of independent dealers, distributors, retailers, wholesalers and equipment rental companies, as well as sold direct to certain end user customers. For more information, go to www.generac.com.
Generac Holdings Inc.
York A. Ragen
Chief Financial Officer
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