NEW
YORK and OREGON,
Wis., June 6, 2024 /PRNewswire/ -- Palladium
Equity Partners, LLC (along with its affiliates, "Palladium"), a
middle market private equity firm, announced today that it has
signed a definitive agreement under which it will sell its majority
interest in Trachte, LLC ("Trachte"), a leading provider of highly
engineered protection and control buildings with mission critical
applications, to an affiliate of nVent Electric plc (NYSE: NVT)
("nVent") for $695 million.
Trachte's products and services are a critical part of
protecting essential controls, equipment, and infrastructure for
electric utilities, data centers, and other commercial and
industrial customers.
Palladium, which focuses on transforming family and
founder-owned businesses, acquired its majority stake in Trachte in
2020.
Scott Kirschner, a Principal at
Palladium Equity Partners, said, "We are extremely proud of the
results achieved at Trachte over the past four years and want to
thank Rafael-Diaz Granados,
Shawn Smith and the entire Trachte
team for their partnership. We are excited to continue to see the
additional growth potential that the partnership with nVent will
bring to the business, its customers and employees, as they
capitalize on the multi-generational tailwinds in the markets they
serve."
Shawn Smith, Chief Executive
Officer of Trachte, said, "We are very grateful for Palladium's
partnership and support during which time our company experienced a
significant period of growth and advanced its positioning in the
market. Palladium's team brought a wealth of experience, knowledge
and resources to Trachte, helping continue upon the tremendous
legacy built by the Trachte family since 1901. We are thrilled to
join nVent, which will bring additional resources to allow us to
continue to serve our customers better."
Rafael-Diaz Granados, Chairman of
Trachte and longtime operating executive at Palladium, stated, "The
Palladium team has once again excelled in building a business. This
is the third portfolio company I've partnered with them on, and
their expertise in building leadership teams, enhancing operations,
and driving growth is unmatched. They were also crucial in
executing a growth strategy that expanded Trachte's end markets and
doubled its manufacturing footprint."
Daniel Ilundain, Partner and
Co-Head of Flagship Funds of Palladium, added, "Our investment in
Trachte represents yet another excellent example of how Palladium
accelerates value creation and drives the businesses in which it
invests to the next level. Since acquiring Trachte in 2020, we have
worked hand in hand with their team as the Company has grown
tremendously, all while providing critical infrastructure products
which help power our communities. We wish them all the best as they
enter a new partnership with nVent."
Harris Williams LLC served as financial advisor to Trachte on
the transaction. Baird served as advisor to the Board of Directors
of Trachte. Morrison & Foerster, LLP served as legal advisor to
Trachte.
About Trachte, LLC
Trachte is a leading provider of
easy-deployment application-engineered protection and control
buildings. Founded in 1919, the company has unparalleled experience
in prefabricated structures that provide state-of-the-art
environments and protection for its customers' investments in
critical equipment and systems such as switchgear, battery systems,
servers, and data center hardware that control and protect
electrical infrastructure and equipment. Trachte's success is based
on continuous technological advancement, quality improvement and
mutually beneficial relationships and strategic partnerships with
end users, consulting engineers, contractors, OEMs and value-added
resellers. Additional information may be found
at www.trachteusa.com.
About nVent
nVent is a leading global provider of
electrical connection and protection solutions. We believe our
inventive electrical solutions enable safer systems and ensure a
more secure world. We design, manufacture, market, install and
service high performance products and solutions that connect and
protect some of the world's most sensitive equipment, buildings and
critical processes. We offer a comprehensive range of enclosures,
electrical connections and fastening and thermal management
solutions across industry-leading brands that are recognized
globally for quality, reliability and innovation. Our principal
office is in London and our
management office in the United
States is in Minneapolis.
Our robust portfolio of leading electrical product brands dates
back more than 100 years and includes nVent CADDY, ERICO,
HOFFMAN, ILSCO, RAYCHEM and
SCHROFF.
nVent CADDY, ERICO, HOFFMAN,
ILSCO, RAYCHEM and SCHROFF are trademarks owned or licensed by
nVent Services GmbH or its affiliates.
About Palladium Equity Partners, LLC
Since its founding in 1997, Palladium has invested in more than 210
companies (40 platforms and more than 170 add-ons). With over
$3 billion in AUM, the firm
focuses primarily on buyout equity investments in the range
of $50 million to $150 million. Palladium seeks to
acquire and grow companies in partnership with founders and
experienced management teams by providing capital and strategic
guidance. The partners of the firm have meaningful experience in
consumer, services, industrials, and healthcare businesses, with a
special focus on companies they believe will benefit from the
growth in the U.S. Hispanic population. For more information,
visit www.palladiumequity.com.
Contacts:
For Palladium Equity Partners:
Todd Fogarty / Jeffrey Taufield
todd.fogarty@kekstcnc.com or jeffrey.taufield@kekstcnc.com
212-521-4800
View original
content:https://www.prnewswire.com/news-releases/palladium-equity-partners-agrees-to-sell-trachte-llc-to-nvent-for-695-million-302165538.html
SOURCE Palladium Equity Partners