nVent to Acquire Trachte

• Leading manufacturer of custom-engineered control building solutions designed to protect critical infrastructure assets
• Expands nVent’s enclosures portfolio in new applications and enhances systems protection capability
• Strengthens nVent’s position with the electrification of everything in high-growth verticals including power utilities, data centers and renewables
• Expect transaction to be accretive to adjusted EPS in the first year after completing the transaction

nVent Electric plc (NYSE: NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced that it has entered into a definitive agreement to acquire the parent of Trachte, LLC for a purchase price of $695 million, subject to customary adjustments. Trachte is a leading manufacturer of custom-engineered control building solutions designed to protect critical infrastructure assets.

nVent Chair and CEO Beth Wozniak said, “Trachte will expand our enclosures portfolio in new applications and enhance our system protection capability. It further strengthens our solutions in high-growth verticals, including power utilities, data centers and renewables. With the macro trends of modernizing and upgrading electrical infrastructure as well as the expansion of data centers, Trachte provides us with a platform to accelerate our growth and provide broader solutions for customers. We look forward to welcoming the Trachte team to nVent, and together helping to build a more sustainable and electrified world.”

Trachte has an established history of providing control building solutions, and is headquartered in Madison, Wisconsin with more than 500 employees. Trachte estimates 2024 revenues to be approximately $250 million.

nVent expects the acquisition to be accretive to adjusted earnings per share in the first year following completion of the transaction. The effective enterprise value multiple is ~12x anticipated Trachte 2024 adjusted EBITDA. The transaction is expected to close in the third quarter of 2024, subject to customary conditions, including regulatory approval. nVent expects to fund the acquisition with a combination of available cash on hand and new debt.

Upon closing of this transaction, nVent plans to operate Trachte within its Enclosures segment.

Foley & Lardner LLP is providing legal counsel to nVent in connection with the transaction. Citigroup Global Markets Inc. is providing nVent with committed bridge financing for the transaction.

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.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “forecasts,” “should,” “would,” “could,” “positioned,” “strategy,” “future,” “are confident,” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All statements made about the anticipated acquisition, including the anticipated time for completing the acquisition, the expected financial results of the acquired business and the anticipated benefits of the acquisition, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these factors are our ability to close and fund the acquisition on the expected terms and time schedule, including obtaining regulatory approvals and satisfying other closing conditions; our ability to integrate the acquisition successfully; our ability to retain customers and employees of the acquired business; adverse effects on our business operations or financial results, including due to the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with military conflicts, such as that between Russia and Ukraine, and related sanctions; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this press release. nVent assumes no obligation, and disclaims any obligation, to update the information contained in this press release.

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