Triton explores sale or IPO of Trench Group as AI power demand heats up
The private equity firm has tapped Morgan Stanley to run a dual-track exit process for the high-voltage equipment maker it bought from Siemens Energy just two years ago.
Triton Partners is looking to cash out of Trench Group, the high-voltage power transmission equipment manufacturer it acquired from Siemens Energy in April 2024. The European private equity firm has enlisted Morgan Stanley to run a dual-track process, meaning both a potential sale and an IPO are on the table simultaneously.
Triton picked up Trench Group for what was described as a mid triple-digit million euro sum, essentially somewhere in the range of €400 million to €600 million. Siemens Energy was offloading the unit as part of a broader effort to streamline its operations amid financial headwinds.
Trench Group’s revenue hit €906.5 million in 2025, a 33% jump from €683.6 million the prior year. The company’s order backlog stands at roughly €1.8 billion. The workforce has grown by about 800 employees since the acquisition, bringing the total headcount to nearly 3,000 spread across 9 to 11 production sites globally.
In September 2025, Trench Group made its first add-on acquisition under Triton’s ownership, purchasing Australian firm H Nu, which specializes in fiber-optic instrument transformer technology. The deal bolsters Trench’s capabilities in both HVAC and HVDC systems.
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Running a sale and IPO process in parallel gives Triton optionality. If a strategic buyer offers a premium price, the IPO path gets shelved. If public market conditions are strong and no buyer meets the valuation bar, the company goes public.
Dr. Bahadir Basdere, who has served as CEO since 2019, has focused the company on capacity expansion and innovation in transmission technology.