nVent Agrees to Buy Data-Center Power Supplier Maverick for $1.75 Billion

nVent Electric has agreed to acquire Maverick Power for a base purchase price of $1.75 billion, adding a North American supplier of switchgear and other power-distribution equipment used in data centers. The agreement also includes up to $550 million of additional cash consideration tied to performance metrics in 2027 and 2028, meaning the ultimate payout could be higher if Maverick meets the specified targets.

The acquisition would deepen nVent’s exposure to data-center infrastructure at a time when that market is already driving a large share of its growth. Maverick is expected to generate about $700 million of revenue in 2026 and has roughly 900 employees in Texas and Arizona. nVent expects the purchase to close in the fourth quarter of 2026, subject to regulatory approval and other customary closing conditions.

Maverick adds switchgear and modular power systems

nVent described Maverick in its August 24 acquisition announcement as a provider of engineered power-distribution and infrastructure solutions for data centers. Its portfolio includes low-voltage switchgear and switchboards, medium-voltage switchgear, integrated modular solutions and related services. Maverick’s own product lineup also includes automatic transfer switches, uninterruptible power supply systems and industrial control panels.

The fit is centered on the electrical side of data-center construction. nVent already supplies enclosures, cooling, power distribution and other infrastructure products through businesses including HOFFMAN, SCHROFF and the Electrical Products Group acquired from Avail Infrastructure Solutions in 2025. Maverick adds another layer of equipment used to distribute and manage electrical power inside mission-critical facilities.

Management is paying a valuation that reflects those growth expectations. nVent said the $1.75 billion purchase price represents an effective enterprise-value multiple of about 11.5 times Maverick’s anticipated 2026 adjusted EBITDA. After accounting for the present value of expected tax benefits, the company puts the multiple at about 10.5 times. Those calculations rely on forecast adjusted EBITDA and expected tax benefits, so they should be read as management estimates rather than completed results.

The performance-linked component could add as much as $550 million in cash to the base price if Maverick achieves specified metrics during 2027 and 2028. nVent has not publicly detailed those thresholds in the announcement. The structure therefore leaves a meaningful part of the potential consideration dependent on the acquired business’s post-closing performance rather than committing the entire maximum amount at completion.

Cash and new debt will fund the acquisition

nVent plans to finance the purchase with a combination of cash on hand and new debt, with Bank of America providing committed bridge financing. The company did not announce the final mix of permanent debt, interest rates or maturities alongside the acquisition agreement.

The latest reported balance sheet shows why borrowing will be important. At June 30, nVent had $256 million of cash and cash equivalents and $1.5 billion of total debt before unamortized issuance costs and discounts. That cash balance is well below the $1.75 billion base purchase price, although nVent also has access to its broader financing capacity and will not need to fund the purchase until closing.

Its capital structure has already been changing as management reshapes the portfolio. In January 2025, nVent completed the $1.7 billion sale of its Thermal Management business to funds managed by Brookfield Asset Management, producing about $1.6 billion of net cash proceeds. A few months later, it bought Avail Infrastructure Solutions’ enclosures, switchgear and bus systems businesses for roughly $1.0 billion in cash. Those operations, now referred to as the Electrical Products Group, increased nVent’s exposure to power utilities and data centers.

Maverick would be another large step in that repositioning, but it will also add financing obligations. Investors will need the final debt terms and post-closing balance sheet to assess the effect on leverage. The acquisition announcement does not provide a post-deal leverage target, and the June 30 debt figures predate both the agreement and any borrowing used to fund it.

Data-center demand is already reshaping nVent’s growth profile

The timing follows a sharp acceleration in nVent’s existing business. Second-quarter 2026 sales reached $1.47 billion, up 53% from a year earlier, while organic sales increased 47%. Systems Protection, the segment that includes many of nVent’s data-center offerings, reported $1.07 billion of sales, a 70% increase, with organic growth of 62%. Chair and Chief Executive Beth Wozniak said the quarter included significant data-center growth and that new products contributed more than 30 percentage points to overall sales growth.

nVent has also been putting more manufacturing capacity behind that demand. In July, it announced a new 160,000-square-foot liquid-cooling facility in Minnesota, its third liquid-cooling manufacturing expansion since 2024. An earlier Blaine, Minnesota, expansion added space for data-center products as the company sought to scale output for AI and high-performance-computing customers.

Maverick broadens that strategy from cooling and enclosure systems into more of the power-distribution chain. Data centers require increasingly dense electrical infrastructure as computing loads rise, particularly for AI workloads. The acquired business gives nVent additional switchgear and modular power capabilities that can be sold alongside its existing systems, although the extent of cross-selling and integration benefits will depend on execution after closing.

The buyer expects the acquisition to add to adjusted earnings per share in the first year after completion, but it has not provided a specific accretion amount. It also says Maverick has a strong backlog and future demand visibility, without disclosing the backlog value. Both points remain forward-looking until post-closing results show how the business performs inside nVent.

The next formal milestone is regulatory clearance and completion, which nVent is targeting for the fourth quarter of 2026. Until then, Maverick remains a separate business and the $1.75 billion purchase has not closed. Details on the permanent financing, any integration costs and the acquired company’s contribution to nVent’s 2027 results should become clearer after the deal is completed and incorporated into future financial reporting.