Triton Partners to sell Trench Group to GE Vernova

Issuer: Triton Beratungsgesellschaft GmbH / Key word(s): Disposal/Private Equity


28.10.2026 / 11:15 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Frankfurt/Berlin (Germany), Cambridge, Mass. (United States), 28 October 2026 - Triton Fund V advised by Triton Partners (“Triton Partners”) has signed an agreement to sell Trench Group (“Trench”), a global provider of high-voltage components, to GE Vernova for a USD 9.0 bn equivalent purchase price. The two companies will continue to operate independently until the closing of the transaction, which is subject to customary regulatory closing conditions and is expected in late 2027. Under Triton Partners’ ownership, the company has undergone an accelerated transformation from a corporate carve-out to a major contributor to the global energy transition, surpassing EUR 2bn in order intake and EUR 1bn in revenue. Significant CAPEX investments have been made in the global production network, including a newly opened plant in the strategically important US market. In addition, process excellence initiatives were implemented across sales, pricing, R&D, operations, and support functions. Furthermore, Trench is regarded as an early adopter of AI across the value chain. Today, the company is well positioned to capture the strong market momentum globally. Trench has created more than 800 new jobs and completed three bolt-on acquisitions since the carve-out to support its growth strategy. Michael Gahleitner, Chairman of the Trench Advisory Committee, comments: “We sincerely thank the entire Trench organisation for the strong collaboration, unwavering commitment and outstanding achievements. It has been a privilege to work with CEO Bahadir Basdere and the whole management team over the last few years. Together, we have made the right decisions at the right time to expand capabilities and build scale in a sector that benefits from increasing momentum. We also appreciate the trust-based interaction with Scott Strazik and his team over the past months and are confident that GE Vernova is a great new owner to realise Trench’s full potential in the years to come.” Bahadir Basdere, CEO Trench Group, said: “Our partnership with Triton has been highly valuable and has enabled - our company’s accelerated growth. Trench Group’s key markets are growing fast. For us, it has been important to make quick decisions to invest decisively in technology and capacity and to execute quickly, which required support from a shareholder like Triton with deep understanding of our industry. We thank the entire Triton team for the good collaboration and are excited to become part of GE Vernova.” Steffen Reimund, Member of the Trench Advisory Committee, Partner at Triton Partners, adds: “We are proud of what Trench’s highly motivated team has achieved during our partnership. The company has successfully strengthened its presence in grid-relevant high-voltage components and is today recognised as a major contributor to the global energy transition, trusted by grid operators across all major markets. We thank the management team led by Bahadir Basdere, and all employees for their continued engagement and good collaboration throughout our investment period.” "Trench's differentiated high-voltage grid technology, strong execution, and deep customer relationships are key enablers of the modernised, resilient grid required to keep pace with the electricity supercycle," said GE Vernova CEO Scott Strazik. “We are investing in our Electrification segment to meet the extraordinary growth opportunity in front of us, and our acquisition of Trench will further strengthen our ability to serve global customers with outstanding technology we know well. I look forward to welcoming the Trench team to GE Vernova." Triton Partners’ sector expertise and strong understanding of high-voltage electrical equipment based on previous investments such as EQOS Energie and Sediver enabled an early, well-timed investment ahead of the sector's growth acceleration. This transaction marks the fourth successful exit in Germany for Triton Partners in the last 18 months, following the divestment of FläktGroup and Kelvion and the sale of remaining RENK shares. Bank of America and Morgan Stanley & Co. International plc acted as financial advisors to Triton Partners, and Latham & Watkins served as legal counsel to Triton Partners. Goldman Sachs & Co. LLC and UBS Investment Bank acted as financial advisors to GE Vernova on the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to GE Vernova.   About Triton Partners Founded in 1997 and owned by its partners, Triton Partners is a leading European mid-market sector specialist investor. Triton Partners focuses on investing in businesses that provide mission-critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare. Triton Partners has over 150 investment professionals and value creation experts across eleven offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.   About Trench Group Trench Group is a global technology provider for high-voltage grid components and systems, present in power transmission grids worldwide. Headquartered in Berlin, with more than 100 years of engineering expertise, Trench Group designs and manufactures high-voltage components that address the core challenges of modern power infrastructure – connecting grids, measuring their performance and ensuring reliability. As electricity demand rises and power grids transform worldwide, Trench Group is an enabler of the infrastructure the world needs, with a portfolio that includes bushings, cable terminations, instrument transformers, coils and reactors. Since its independence in April 2024, Trench Group has doubled its annual revenue to more than 1 billion Euro. The company operates 11 factories across 8 countries on 4 continents and employs more than 3,000 people.   About GE Vernova GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Electrification and Wind segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonise it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 85,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future.   Media contacts: Triton Partners:  [e-mail] GE Vernova: Adam Tucker T [phone] | E [e-mail] Trench Group:  Ulrich Künster T [phone] | E [e-mail]

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