Generac to Acquire Tank Utility, Inc.
September 20 2021 - 8:00AM
Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a
leading global designer and manufacturer of energy technology
solutions and other power products, today announced the signing of
a purchase agreement to acquire the shares of Tank Utility, Inc.
(“Tank Utility”), a provider of IoT propane tank monitoring that
enables the optimization of propane fuel logistics. The deal
further expands Generac’s connectivity functionality and services
with sophisticated remote monitoring capabilities for propane.
“As an early minority investor in the company for the last five
years, Generac has been impressed by the growth of the Tank Utility
business,” said Kyle Raabe, executive vice president and president
of Generac’s Consumer Power products. “Their solution has been able
to help propane suppliers increase efficiency and reduce their
emissions, and we believe that the Tank Utility monitoring platform
can provide even further value to our dealers and peace of mind to
our home standby generator owners.”
Both generator and fuel dealers are seeing increased demand for
various power products to support consumers’ off-grid power needs
and to protect from grid instability. Generac’s propane-powered
backup generators, battery storage, and home energy management
offerings paired with Tank Utility’s monitoring and analytics help
dealers expand their expertise as total home energy advisors for
homeowners and adapt to changing consumer demands for off-grid and
backup capabilities.
“We are thrilled to be joining the Generac team and to have this
opportunity to leverage Generac’s extensive footprint to broaden
Tank Utility’s presence in the global marketplace,” said Amos
Epstein, chief executive officer and co-founder, Tank Utility.
“With our deep experience in designing, building and delivering
data-driven IoT products across energy markets, we look forward to
driving growth and building upon Generac’s existing connectivity
strategies.”
The acquisition is expected to close in October 2021.
Union Square Advisors LLC served as exclusive financial advisor
to Tank Utility in connection with the transaction.
About GeneracGenerac Power Systems, Inc. (NYSE:
GNRC) is a leading energy technology company that provides advanced
power grid software solutions, backup and prime power systems for
home and industrial applications, solar + battery storage
solutions, virtual power plant platforms and engine- and
battery-powered tools and equipment. Founded in 1959, Generac
introduced the first affordable backup generator and later created
the category of automatic home standby generator - a market in
which nearly eight of ten generators sold is a Generac. The company
is committed to sustainable, cleaner energy products poised to
revolutionize the 21st century electrical grid.
About Tank UtilityTank Utility helps fuel
suppliers digitize their businesses to deliver a better customer
experience and earn higher profit margins. With easy-to-use 4G LTE
tank monitoring devices connected with industry-leading software
and analytics, Tank Utility optimizes every day operational
efficiency by offering real-time and actionable insight into
customer propane tank levels. The added visibility provided by Tank
Utility eliminates wasted deliveries and increases fuel drop sizes
for greater efficiency per delivery. In addition, Tank Utility
uniquely partners with fuel suppliers to improve customer
engagement with value-added services that they can use to win and
retain more homeowner and commercial customers.
Forward Looking StatementsCertain statements
contained in this news release, as well as other information
provided from time to time by Generac Holdings Inc. or its
employees, contain forward looking statements that involve risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements.
Forward-looking statements, including statements about the
anticipated completion, timing and effects of the pending
acquisition, give Generac's current expectations and projections
relating to the Company's financial condition, results of
operations, plans, objectives, future performance and business. You
can identify forward-looking statements by the fact that they do
not relate strictly to historical or current facts. These
statements may include words such as "anticipate," "estimate,"
"expect," "forecast," "project," "plan," "intend," "believe,"
"confident," "may," "should," "can have," "likely," "future,"
“optimistic” and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events.
Any such forward looking statements are not guarantees of
performance or results, and involve risks, uncertainties (some of
which are beyond the Company's control) and assumptions. Although
Generac believes any forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect Generac's actual financial results and cause them to differ
materially from those anticipated in any forward-looking
statements, including whether and when the required regulatory
approvals will be obtained, whether and when the closing conditions
will be satisfied and whether and when the transaction will close,
and whether the Company will be able to realize the expected
financial results and growth effects of the transaction, and how
customers, competitors, suppliers and employees will react to the
transaction.
Should one or more of these risks or uncertainties materialize,
Generac's actual results may vary in material respects from those
projected in any forward-looking statements. In the current
environment, some of the above factors have materialized and may or
will continue to be impacted by the COVID-19 pandemic, which may
cause actual results to vary from these forward-looking statements.
A detailed discussion of these and other factors that may affect
future results is contained in Generac's filings with the U.S.
Securities and Exchange Commission (“SEC”), particularly in the
Risk Factors section of the 2020 Annual Report on Form 10-K and in
its periodic reports on Form 10-Q. Stockholders, potential
investors and other readers should consider these factors carefully
in evaluating the forward-looking statements.
Any forward-looking statement made by Generac in this press
release speaks only as of the date on which it is
made. Generac undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
CONTACT: Mike HarrisVice President Corporate Development &
Investor Relations(262) 506-6064InvestorRelations@Generac.com
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