nVent to Buy Wisconsin Firm for $1.1B
nVent, a London-based company with a major office footprint in St. Louis Park, is working on its largest acquisition since going public in 2018.
In a Monday news release, the electrical connection and protection solutions company announced a $1.1 billion deal to acquire Wisconsin-based ECM Investors, LLC, the parent company of ECM Industries.
ECM Industries is a provider of electrical connectors, test instruments, and wire management. The company’s portfolio is “highly complementary” to that of nVent, according to nVent CEO Beth Wozniak. The acquisition allows nVent to extend its cable management offering with complementary products, she noted.
“Together with ECM, nVent can provide a broader offering to customers, including electrical contractors, and to distribution partners. With a long history of focusing on the customer and growth, industry-leading brands and a people-oriented culture, we believe ECM will be a great fit with nVent,” Wozniak said in a news release.
The transaction is expected to close in the second quarter of 2023. nVent plans to pay for the acquisition with available cash and new debt with financing from J.P. Morgan.
In 2022, nVent earned $2.9 billion in revenue, while ECB earned $415 million in revenue.
nVent became public after it was spun off from Minneapolis-based water treatment company Pentair in 2018. Pentair spun off nVent as a separate business so it could focus on its billion-dollar water solutions business.
Wozniak, a Honeywell veteran who worked as president of Pentair’s electrical business before the company was spun off, was featured in the 2019 TCB 100.
