Pentair Spinoff nVent to Buy Spain-based Eldon Enclosures for $130M
Electricity systems solutions provider nVent Electric plc has signed a deal to acquire Spain-based power enclosure product maker Eldon Enclosures for approximately $130 million in cash.
The deal is aimed at improving nVent’s digital capabilities, according to nVent CEO Beth Wozniak. In a news release, she noted that Eldon has been developing a digital presence to help serve customers faster.
“[This] aligns perfectly with our strategy,” says Wozniak.
Moreover, Eldon will help build nVent’s global portfolio, and particularly its presence in the European market.
“The combination of Eldon and our enclosures business will strengthen our ability to quickly respond to customers around the world and provide advanced and flexible solutions,” said Wozniak. “Eldon is a great fit for nVent.”
Eldon has offices worldwide. The company generated $90 million in sales in 2018.
For its part, joining nVent helps Eldon realize its own vision of serving customers across all continents, said Eldon chief revenue officer Alexander van der Weide.
“Achieving such a challenging vision on our own would have been possible but would have taken quite some time,” he said. “Together [with nVent] we can speed up research and development, drive digitalization efforts, and offer an extensive product portfolio.”
nVent’s acquisition of Eldon comes just over a year after nVent—which is headquartered in the U.K. but runs U.S. operations out of Minneapolis—was spun off from Minneapolis-based water treatment company Pentair. Pentair spun off nVent as a separate business so it could focus on its billion-dollar water solutions business.
The Eldon deal is expected to close sometime this year.