Pioneer Power Solutions Inc., a Fort Lee-based manufacturer of specialty electrical equipment and provider of related services, and Titan Energy Worldwide Inc., a Minneapolis-based provider of sales and service for commercial and industrial-scale onsite power systems, announced Wednesday that Titan is being acquired by a subsidiary of Pioneer.The acquisition, according to a news release, will add onsite power generation equipment to Pioneer’s portfolio of products and services through its existing Critical Power business. Pioneer also becomes one of Generac’s approximately 35 industrial power distributors in the U.S., with market territories in Minnesota, Iowa and Nebraska.
As a result of the acquisition, Pioneers expects that its overall revenue from equipment sales and services related to power projects will exceed $25 million in 2015, up from an estimated $5 million for 2014.
“This acquisition augments our existing critical power business, and should make our product and service offering more compelling in our fastest-growing target market,” Nathan Mazurek, Pioneer’s CEO and chairman, said in a prepared statement. “We will now be able to offer our customers the option of a comprehensive ongoing service plan for their onsite power systems, whether or not they were originally manufactured or sold by Pioneer.
“The transaction also serves to deepen our existing relationship with the Industrial Power division of Generac. We are very excited and proud of our expanded association with an industry leader like Generac, and believe our respective business goals align well towards mutual long-term benefits and success.”
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