Demonstrates Union Square Advisors’ expertise in providing strategic M&A advice to leading disruptive, data-driven IoT technology companies
On September 20, 2021, Union Square Advisors announced it served as an exclusive financial advisor to Tank Utility Inc. (“Tank Utility”), a provider of IoT propane tank monitoring that enables the optimization of propane fuel logistics in its acquisition by Generac Holdings Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products. The deal further expands Generac’s connectivity functionality and services with sophisticated remote monitoring capabilities for propane.
“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, executive vice president and 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, chief executive officer and 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.”
“Union Square Advisors was incredibly pleased to partner with Amos and the Tank Utility team, as this transactions provides an opportunity for the company to continue on its impressive growth trajectory,” said Carter McClelland, Chairman at Union Square Advisors.
The acquisition is expected to close in October 2021.
Read the full press release here.
About Tank Utility
Tank Utility helps fuel suppliers digitize their businesses to deliver a better customer experience and earn higher profit margins. With easy-to-use 4G LTE tank monitoring devices connected with industry-leading software and analytics, Tank Utility optimizes every day operational efficiency by offering real-time and actionable insight into customer propane tank levels. The added visibility provided by Tank Utility eliminates wasted deliveries and increases fuel drop sizes for greater efficiency per delivery. In addition, Tank Utility uniquely partners with fuel suppliers to improve customer engagement with value-added services that they can use to win and retain more homeowner and commercial customers.
About Generac (NYSE: GNRC)
Founded in 1959, Generac is a leading global designer and manufacturer of a wide range of energy technology solutions and other power products. As an industry leader serving residential, commercial, and industrial markets, Generac’s products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers and equipment rental companies, as well as sold direct to certain end user customers. For more information about Generac and its products and services, visit Generac.com.
About Union Square Advisors
Union Square Advisors is a leading technology-focused investment bank that offers strategic mergers & acquisitions advice and execution, agented private capital financing, and debt capital markets advisory services. Founded in 2007, with offices in San Francisco and New York, Union Square Advisors works with leading public and private technology companies, private equity, venture capital, and family offices. Our expertise spans many aspects of the technology landscape, including Enterprise Software and Infrastructure, FinTech, Healthcare IT, Internet+Digital Media, eCommerce, Consumer Software and other key segments. Since inception, Union Square Advisors has advised on over 140 transactions, valued in excess of $110 billion. For more information, please visit https://www.usadvisors.com.