Benzinga | Sep 20, 2021 11:55AM EDT

Generac To Acquire Tank Utility For Undisclosed Sum

* Generac Holdings Inc. (NYSE:GNRC) has agreed to acquire the shares of Tank Utility, Inc., a provider of IoT propane tank monitoring that optimizes propane fuel logistics. The financial terms were not disclosed.

* This deal expands Generac's connectivity functionality and services with remote monitoring capabilities for propane.

* Generac expects its propane-powered backup generators, battery storage, and home energy management offerings paired with Tank Utility's monitoring and analytics to help dealers expand their ability as total home energy advisors for homeowners and adapt to changing consumer demands for off-grid backup capabilities.

* Generac held cash and cash equivalents of $390.09 million as of June 30, 2021.

* Generac expects the acquisition to close in October 2021.

* Price Action: GNRC shares are trading lower by 4.13% at $417.38 on the last check Monday.