Triton explores sale or IPO of Trench Group as AI power demand heats up

Triton Partners is looking to cash out of Trench Group, the high-voltage power transmission equipment manufacturer it acquired from Siemens Energy in April 2024. The European private equity firm has enlisted Morgan Stanley to run a dual-track process, meaning both a potential sale and an IPO are on the table simultaneously. Triton picked up Trench Group for what was described as a mid triple-digit million euro sum, essentially somewhere in the range of €400 million to €600 million. Siemens Energy was offloading the unit as part of a broader effort to streamline its operations amid financial headwinds. Trench Group’s revenue hit €906.5 million in 2025, a 33% jump from €683.6 million the prior year. The company’s order backlog stands at roughly €1.8 billion. The workforce has grown by about 800 employees since the acquisition, bringing the total headcount to nearly 3,000 spread across 9 to 11 production sites globally. In September 2025, Trench Group made its first add-on acquisition under Triton’s ownership, purchasing Australian firm H Nu, which specializes in fiber-optic instrument transformer technology. The deal bolsters Trench’s capabilities in both HVAC and HVDC systems. Runni...