Written on: September 20, 2021 by ICM
Generac Holdings Inc. has signed a purchase agreement to acquire the shares of Tank Utility, Inc., 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.
Generac was previously a minority investor in Tank Utility. Terms of the deal were not revealed.
“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, EVP & 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.”
“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, CEO & 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 advised Tank Utility in connection with the transaction.