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nVent buys Eldon for $130m to add to its Hoffman brand

30 July, 2019

The London-headquartered connection and protection systems group nVent Electric is buying the Spanish enclosures manufacturer Eldon, adding it to a portfolio that already includes the Hoffman, Schroff, Raychem, Caddy, Tracer and Erico brands. nVent is paying around $130m in cash for the privately-owned business, including repayment of Eldon’s debt.

Eldon, which was founded in Sweden in 1922, has its headquarters in Madrid, with manufacturing sites in Romania and India. In the year to the end of 2018, it achieved revenues of around $90m.

nVent says that the acquisition of Eldon and its “highly complementary” portfolio will position it well for global growth. It adds that it is already a leader in the enclosures market through its Hoffman and Schroff brands, with products that protect, connect and manage heat in critical electronics, communication, control and power equipment.

Eldon has a strong presence in Europe where is does 93% of its business. nVent has a strong base with the Hoffman brand in North America, and good coverage in Latin America and Asia.

“Eldon will be a great addition to nVent, positioning us for the rapid growth of our enclosure business into Europe, while also allowing us to meet a stated need of some of our large, global customers – the ability to buy enclosures that meet their design requirements and quality standards from a company with manufacturing capabilities around the world,” says nVent CEO, Beth Wozniak. “Eldon has been focused on driving a digital capability to serve customers with velocity, which aligns perfectly with our strategy.”

Eldon specialises in IEC enclosures and most of its sales are currently in Europe

“Eldon’s vision is to become a global enclosure manufacturer and serve customers throughout all continents,” adds Eldon’s chief risk officer, Alexander van der Weide. “Achieving such a challenging vision on our own would have been possible but would have taken quite some time. By joining forces with nVent, we will realise our vision much faster. Together we can speed up research and development, drive digitalisation efforts and offer an extensive product portfolio.”

nVent was created in 2018 when Pentair spun off its electrical activities to form two independent, publicly traded companies. Its main offices are in London and its management office is in Minneapolis in the US. It employs about 9,000 people worldwide and its revenues in 2018 totalled $2.2bn. Enclosures represent almost half (46%) of its revenues, with thermal management product accounting for 28%, and electrical and fastening systems making up the remaining 26%. Two thirds of its business comes from the US and Canada, and 22% from “developed” Europe. Industrial customers represent 45% of its business, with the commercial and residential sector accounting for 27%.

nVent expects the acquisition of Elson to be completed  this year – subject to regulatory approval – and to be accretive to its earnings within 12 months.

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