FARMINGTON, N.Y. — Buffalo–based Gioia Capital has purchased Home Power Systems and Commercial Power Systems (HPS/CPS), which specializes in the sale, installation and service of automatic home standby and commercial power generators in Central and Western New York.
Gioia Capital is a capital-investment firm focused on acquiring and managing local, family-owned businesses. The firm says it is “focused on acquiring and investing in regional businesses with annual revenue between $5 million and $50 million and earnings of at least $1 million with a history of stability,” per its news release.
HPS/CPS — based in Farmington, near Rochester — is a dealer for Generac and Kohler products. HPS also has a location in DeWitt.
Syracuse–based law firm Barclay Damon, LLP and Tronconi Segarra & Associates, LLP, a suburban Buffalo accounting firm, advised Gioia Capital in the transaction, which Evans Bank financed.
The Rochester–based Bonadio Group, which has an office in Syracuse, advised Home Power Systems and Commercial Power Systems.
“A few months ago, we started talking to Jeff Lewis at the Bonadio Group who was representing Home Power Systems and Commercial Power Systems. We were immediately interested based on the tremendous brand equity that had been developed, the overall trajectory of the business, and the impeccable reputation of Jim Swetman and his staff,” Rich Gioia, CEO of Gioia Capital, said in its release. “We believe there is a great deal of organic growth we can realize through both market penetration and expansion, and our strategy is to pursue both aggressively.”
Jim Swetman, owner of Home Power Systems and Commercial Power Systems, will remain with the company and serve as president.
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Visual credit: Home Power Systems and Commercial Power Systems Facebook page