nVent plans to spend $695 million to acquire the parent of Wisconsin-based manufacturer Trachte.

First announced late last week, the transaction is expected to close in the third quarter of 2024. nVent plans to fund the acquisition with available cash and committed bridge financing from Citigroup Global Markets Inc.

The deal comes amid a period of considerable growth for the company. nVent CEO Beth Wozniak led the public company from $2 billion to $3 billion in five years. In the first quarter of this year, nVent reported nearly $875 million, up 18% higher than the same period last year.

This isn’t the company’s first purchase in Wisconsin: Last year, nVent finalized the $1.1 billion purchase of ECM Industries, its largest acquisition since going public in 2018. nVent’s purchase of Trachte will mark its seventh acquisition.

Minneapolis-based water treatment company Pentair spun off nVent as a separate business in 2017, and it went public the following year. nVent is headquartered in London, but its management office is in St. Louis Park, where most of its executive team works.

Trachte, headquartered in Madison, Wisconsin, is a manufacturer of prefabricated steel buildings for equipment protection, serving customers in power generation, water, data centers, and renewable energy. In a news release, Wozniak said the acquisition “further strengthens” nVent’s offerings in those industries and will “provide broader solutions for customers.”

The acquisition is a growth opportunity for working with renewables, given the need for control buildings to connect clean energy technologies to the grid, an nVent spokesperson said in an email.

After the deal closes later this year, the two companies will work together to “ensure a successful transition and work to minimize disruption to customers and employees,” the spokesperson said.

“We look forward to welcoming the Trachte team to nVent and together helping to build a more sustainable and electrified world,” Wozniak said in a statement.

Wozniak, a Honeywell veteran who worked as president of Pentair’s electrical business before the company was spun off, was named TCB’s 2023 Person of the Year and was previously featured in the TCB 100.

Trachte, which has more than 500 employees and estimated 2024 revenues of about $250 million, will operate within nVent’s enclosures segment. In 2023, nVent earned $3.3 billion in net sales.