Global Power Equipment Group Inc. has reported that it has acquired privately-owned IBI. IBI Power is a provider of custom power packaging and integration solutions, including packaged control house systems, generator enclosures and industrial tanks.
The purchase price of $19.5m in cash is subject to final working capital adjustments.
“IBI Power and our Koontz-Wagner business represent an ideal synergistic combination. It furthers our reach into midstream oil and gas applications, switchgear OEMs and distributed power. This is the fastest growing area of our business currently and the acquisition immediately provides us additional capacity for this growth,” commented Luis Manuel Ramirez, President and Chief Executive Officer of Global Power.
“With this acquisition, we accomplish our goal of achieving a number one or two position in the solutions we offer for the packaged controls business,” concluded Mr. Ramirez.
Headquartered in Caldwell, Idaho, IBI Power had approximately $26.6m of revenue in 2012. IBI Power has approximately 150 employees between the two facilities in Caldwell, Idaho and Chattanooga, Tennessee.
About Global Power
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. Through its Services Division, the company provides on-site specialty support, outage management and maintenance services to domestic utilities’ nuclear power facilities; and lifecycle maintenance and repair support services to customers in the industrial gas markets. Through its Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience. With a strong competitive position in its product lines, the company benefits from a large installed base of equipment in domestic and international markets.