August 1, 2024 – nVent Electric plc is selling its Thermal Management business to funds managed by Brookfield Asset Management for a cash purchase price of $1.7 billion.

“Thermal Management is a leader in electric heat management solutions with a strong, experienced team that is focused on delivering innovative solutions to customers,” said nVent chair and CEO Beth Wozniak. “Consistent with our strategy, the sale represents a significant step to nVent becoming a higher growth and more focused electrical connection and protection leader […]”

nVent’s thermal business accounts for about 1700 employees around the world, and includes the Raychem and Tracer brands. Its electrical connection and protection solutions include brands such as Caddy, Erico, Hoffman, and Ilsco.

The sale to Brookfield is expected to close by early 2025, subject to customary conditions and regulatory approvals.