Generac completes ecobee acquisition

Generac Holdings Inc. announced it has closed on the strategic acquisition of ecobee Inc., a supplier of sustainable smart home solutions. Terms of the acquisition were first announced early in November.

The transaction was valued at up to $770 million contingent on the achievement of certain performance targets.

“We are excited to close the ecobee transaction and continue Generac’s evolution as an Energy Technology Solutions company,” said Aaron Jagdfeld, president and chief executive officer of Generac. “With the addition of ecobee and its energy management products focused on conservation, convenience, peace of mind and comfort, we will be able to further build out Generac’s suite of offerings around an intelligent home energy ecosystem. Such a system will help homeowners save money on their energy costs and allow grid operators to better balance supply and demand in more cost-effective ways.”

“ecobee and our skilled team members are very proud to join the Generac family,” said Stuart Lombard, founder and chief executive officer of ecobee. “Leveraging Generac’s global footprint and extensive distribution network, we’ll be able to maximize our growth opportunities and further unleash the power of our smart products to deliver a cleaner, more resilient and sustainable energy future for customers and communities.”