nVent sells Raychem and Tracer division for $1.7bn
2 August 2024 
The London-based electrical protection and connectors conglomerate nVent Electric is selling its Thermal Management business – which includes the Raychem and Tracer brands – for a $1.7bn in cash to funds managed by the Canadian-headquartered Brookfield Asset Management. nVent will focus on its remaining brands, which include Caddy, Erico, Hoffmann, Ilsco and Schroff. It intends to use the proceeds from the sale – around $1.4bn after tax – for acquisitions and share repurchases.
nVent says that the sale will allow Thermal Management to drive growth and expand with the energy transition. In 2023, the business had sales worth $595million and employed around 1,700 people globally.
“Thermal Management is a leader in electric heat management solutions with a strong, experienced team that is focused on delivering innovative solutions to customers,” says 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, well positioned with the megatrends of electrification, sustainability and digitalisation.”
The transaction is expected to close by early 2025, subject to customary conditions, including regulatory approvals.
