nVent Electric has signed an agreement to acquire Eldon, a privately held European-based enclosures business, for a cash purchase price of approximately $130 million, subject to customary adjustment and including repayment of Eldon debt. The acquisition of Eldon and its highly complementary portfolio will position nVent well for global growth.
nVent is a leader in enclosures, providing innovative solutions that protect, connect and manage heat in critical electronics, communication, control and power equipment through its nVent Hoffman and nVent Schroff brands.
Source: nVent Electric
Eldon is an innovative, customer-focused business with a high-quality portfolio of enclosure solutions. Eldon is headquartered in Madrid, Spain, with global offices and primary manufacturing in Romania. For the period ending Dec. 31, 2018, sales of the business were approximately $90 million. (Derived from audited consolidated financial statements of Eldon for the year ended December 31, 2018.)
“Eldon is a great fit for nVent. 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 Beth Wozniak, nVent CEO. “Eldon has been focused on driving a digital capability to serve customers with velocity, which aligns perfectly with our strategy.”
Completion of the acquisition is pending regulatory approval. nVent expects the transaction to close in 2019, and to be accretive to EPS within the first 12 months following acquisition.