The News
nVent Makes The Largest Acquisition In Its History For Power Distribution Gear
On August 24, 2026, nVent Electric announced a definitive agreement to acquire Maverick Power for $1.75 billion, with potential additional consideration of up to $550 million in cash tied to performance metrics in 2027 and 2028, bringing the possible total to $2.3 billion.
Maverick makes deeply unglamorous equipment. Based in McKinney, Texas, it provides engineered power distribution and infrastructure solutions including low-voltage switchgear and switchboards, medium-voltage switchgear, and integrated modular solutions, with roughly 900 employees across Texas and Arizona and estimated 2026 revenue of about $700 million.
In plain terms, this is the gear that takes electricity from the grid and distributes it safely inside a data center. Not chips, not software, not cooling. The wiring and breakers between the utility line and the servers.
The price reflects visible demand rather than a bet. nVent said the business has a strong backlog and future demand visibility, and priced the deal at roughly 11.5 times anticipated 2026 adjusted EBITDA, expecting it to add to adjusted earnings per share within the first year after closing.
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The Company Behind It
A Spinoff That Quietly Tripled By Selling Picks And Shovels
nVent is a publicly traded maker of electrical connection and protection products, spun off from Pentair in 2018. It is the kind of company that rarely appears in AI coverage while supplying much of what AI construction physically requires.
Its growth has been steep. Revenue was under $2 billion in 2020 and the company is now on pace for roughly $5.4 billion in 2026, and second-quarter sales rose 53% year over year to about $1.5 billion, with its infrastructure business more than doubling. Less than a month before this deal, nVent raised its full-year sales growth outlook to 37% to 39%, up from 26% to 28%.
Acquisition is the strategy. This is nVent's ninth deal since the spinoff and its largest ever, following purchases of ECM Industries, Trachte, and Avail Infrastructure Solutions in consecutive years, and CEO Beth Wozniak has said the long-term goal is $10 billion in annual revenue.
Why This Matters Financially
Buying Capacity, Not Just Revenue
The scarce asset here is manufacturing capacity and lead times. Switchgear cannot be conjured quickly, so a factory with a full backlog is worth more than its revenue suggests, and nVent is buying the ability to deliver rather than a customer list.
The multiple tells the story. At roughly 11.5 times EBITDA, this is priced far below the multiples attached to AI chips or software, even though the demand comes from the same buildout. The equipment side of AI still trades like industrial manufacturing.
That gap is the opportunity. nVent converts an ordinary industrial valuation into exposure to the fastest-spending construction wave in technology, funded with cash and new debt rather than expensive equity.
Limits and Uncertainty
The Catch: Cyclical Demand Bought With Debt
The deal is funded through cash on hand and new borrowing, with bridge financing from Bank of America. Debt makes an acquisition efficient when demand holds, and painful if data center construction slows before the earnout period ends in 2028.
Backlog is also a snapshot. Construction schedules can be delayed or cancelled, and electrical equipment is a classic cyclical business where today's shortage becomes tomorrow's overcapacity once rivals expand. Eaton, Schneider Electric, ABB, and Siemens are all chasing the same demand with far larger balance sheets, and the transaction still needs regulatory approval before its expected fourth-quarter close.
The deal matters because it shows where the AI bottleneck has moved: not to processors but to the physical equipment that delivers power into buildings. The real impact depends on whether data center construction sustains through 2028, and whether nVent can absorb its ninth acquisition without straining the balance sheet it borrowed against.
Disclosure: This content is for educational and informational purposes only and does not constitute investment advice or recommendations. You should always conduct your own research or consult a qualified financial advisor before making investment decisions.
