Vermont Business Magazine Generac Holdings Inc (NYSE: GNRC), a leading designer and manufacturer of power generation equipment and other engine powered products based in Waukesha,WI, announced today the acquisition of Country Home Products, Inc and its subsidiaries effective August 1, 2015. Based in Vergennes, the iconic Vermont company is famous for its DR brand of outdoor power equipment, including mowers and log splitters. The current management team of Country Home will continue to lead the company. Terms of the deal and the future of Country Home Products were not released. According to VBM, Country Home has 200 employees and annual revenues of over $50 million. Generac net sales were $1.461 billion during 2014 as compared to $1.486 billion in 2013.
Founded in 1985 and headquartered in Vergennes, Vermont, Country Home Products is a leading manufacturer of high-quality, innovative, professional-grade engine-powered equipment used in a wide variety of property maintenance applications. Primarily sold in North America under the DR® and Neuton® brand names, Country Home Products employs over 200 people across its headquarters and two other facilities located in Vermont.
Country Home was named by Vermont Business Magazine as one of the Best Places to Work in Vermont in February 2015. VBM photo.
“Acquiring Country Home Products is a great strategic fit for Generac’s business and is perfectly aligned with our Powering Ahead strategic objective of diversifying our end markets with new products and services,” said Aaron Jagdfeld, President and Chief Executive Officer. “This acquisition dramatically expands our chore-related products line-up and will provide additional scale to our residential engine-powered tools platform. We believe this transaction should create meaningful cross-selling opportunities with our existing distribution and should also generate certain cost synergies as we leverage our existing global sourcing and manufacturing capabilities.”
“This is a very exciting transaction for Country Home Products,” said Joe Perrotto, President of Country Home Products. “It will open up even larger markets for sales of DR®, Neuton® and Generac® products both in the U.S. and globally, and will also create meaningful opportunities to improve our product costs and ultimately the value we bring to our customers. We are pleased to join the Generac family and look forward to our continued success as we work togethertodrive growth and bring exceptional products, service, and value to the markets we serve.”
Country Home Products’ management team will continue to lead the business going forward, and the DR® and Neuton® brand names will join Generac’s family of brands in serving a broad, global customer base. The purchase price and other terms of the acquisition were not announced. Additional comments regarding this acquisition will be provided when Generac releases its second quarter 2015 financial results and holds a conference call on Thursday, August 6, 2015.
About Generac
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, industrial, oil & gas, and construction 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.
About Country Home Products
Country Home Products, founded in 1985 and based in Vergennes, Vermont, is a leading developer, manufacturer and marketer of innovative, professional-grade engine-powered equipment used in a wide variety of property maintenance applications sold under the DR® and Neuton® brands. The company’s broad product line of engine-powered tools are primarily sold throughout North America and include field & brush mowers, chippers & shredders, trimmers, leaf vacuums, stump grinders, log splitters and battery-powered lawn mowers. For more information, go to www.chp.com.
Source: Generac Holdings Inc. 8.3.2015