Triton Partners Initiated Dual-Track Exit for Trench Group
The private equity firm has enlisted Morgan Stanley to explore a sale or IPO for the grid component manufacturer.
Updated on Sept. 23, 2026 in Business Strategy
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Triton Partners has launched a dual-track process to divest Trench Group, a power infrastructure firm that generated €906.5 million in 2025. The firm is currently evaluating both potential trade sales and an initial public offering to maximize returns.
Why it matters
Triton is seeking to capture value from rising power demand driven by AI infrastructure, aiming to leverage Trench Group's growth as it maneuvers between private and public market valuations.
Trench Group reported 2025 revenue of €906.5 million, a 33% increase from €683.6 million in 2024. The firm, which maintains an order backlog of approximately €1.8 billion, was acquired by Triton Partners for between €400 million and €600 million in April 2024.
The players
Triton Partners
A private equity firm that manages capital for institutional investors and acquires middle-market companies to optimize operational efficiency.
Trench Group
A manufacturer of high-voltage grid components with nearly 3,000 employees that serves the global power transmission infrastructure market.
Morgan Stanley
A global financial services firm that provides investment banking and advisory services for large-scale corporate mergers and public offerings.
Bahadir Basdere
The CEO of Trench Group who has led the company since 2019 and navigated its transition from Siemens Energy to private equity ownership.
Siemens Energy
A global energy technology company that designs and supplies power generation and transmission equipment.
The details
Triton Partners has engaged Morgan Stanley to manage the sale or IPO process, balancing private market acquisition offers against the liquidity and valuation metrics of public markets. Since the acquisition, Trench has grown its headcount to nearly 3,000 employees and expanded its footprint through the September 2025 purchase of Australian firm H Nu. The company serves the power sector with infrastructure that has become critical to the electricity needs of AI-linked data centers.
Timeline
Bahadir Basdere has served as CEO of Trench Group since 2019.
Triton Partners acquired Trench Group from Siemens Energy in April 2024.
Trench Group reported 2024 annual revenue of €683.6 million.
Trench Group acquired Australian firm H Nu in September 2025.
Trench Group reported 2025 annual revenue of €906.5 million.
Market Landscape
This dual-track strategy follows the 2024 acquisition of Trench Group from Siemens Energy and reflects a broader trend of private equity firms seeking rapid liquidity in the energy infrastructure sector. By weighing private sales against public listings, the firm is testing whether the current market premium on AI-driven energy growth is better captured through a strategic trade buyer or public markets.
Operators should monitor Trench Group's valuation as a proxy for market sentiment regarding high-voltage electrical infrastructure suppliers. Owners of manufacturing firms in the power sector should evaluate whether their current capacity and backlog levels align with the valuation multiples recently observed in the power-grid component industry.
The takeaway
The move underscores the growing premium on electrical infrastructure companies as AI-driven power demand surges. Operators should benchmark their own order backlog growth against industry leaders like Trench Group to assess their competitive positioning in this capital-intensive sector.
Further reading
For more on how firms structure exit timelines, visit the Business Strategy section.
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