|By PR Newswire||
|April 3, 2014 07:13 PM EDT||
CHICAGO, April 3, 2014 /PRNewswire/ -- Livingstone has announced the sale of Professional Power Products, Inc., ("PPPI" or the "Company") to Power Solutions International, Inc., ("PSI") (NASDAQ: PSIX). Livingstone served as the exclusive financial advisor to PPPI.
PSI acquired all of the outstanding capital stock of PPPI for an initial cash purchase price of $46 million. In addition, PSI will issue to the sellers between $5 million and $15 million in PSI common stock based upon PPPI's 2014 operating results.
Headquartered in Darien, Wisconsin, PPPI designs, engineers, and manufactures electrical power generation equipment for the global diesel and natural gas generator market. The Company's product portfolio includes integrated power generator set systems, switchgear, control panels, load banks, mobile power trailers and UL tanks.
PSI is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems.
"We are delighted with the acquisition of PPPI and the tremendous opportunity it presents us," stated Gary Winemaster, Chairman and CEO of PSI. "PPPI brings us a talented management team and a strong complementary product offering. This, along with PSI's expertise in power systems technology and extensive customer relationships, creates a remarkable combination that should expand our customer reach and position us very well for growth in the years ahead."
"PPPI has established a superior reputation manufacturing engineered diesel and natural gas generator set systems for global power system OEMs, and provides a strategic product line addition and capability set to PSI," commented PPPI COO Ken Trent. "Livingstone's comprehension of PPPI's business model, sector knowledge, and deal acumen were critical to delivering a successful transaction outcome."
"The Trent family has built PPPI into a premier manufacturer of standby and prime power generation system solutions serving customers on a global basis," said Livingstone Director Karl Freimuth. "We are proud to have helped PPPI find the right long-term partner in PSI, and to post another successful sale of a specialized niche manufacturer to a global strategic acquirer."
PPPI adds to the growing list of transactions completed by Livingstone's global Industrial team to prominent strategic acquirers including Global Power Equipment Group, Hubbell, ITT Exelis, and private equity firms Baird Capital, Bertram Capital, and Lindsay Goldberg.
Godfrey & Khan, S.C. served as legal counsel to PPPI.
Livingstone is an international mid-market M&A and debt advisory firm of 70 professionals closing 50 transactions around the world each year. www.livingstonepartners.com
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