Triton Partners Launched Exit Process for Trench Group
The private equity firm has hired Morgan Stanley to explore a potential sale or public listing for the power equipment maker.
Updated on Sept. 23, 2026 in Business Strategy
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Triton Partners has initiated a dual-track exit process for Trench Group, potentially seeking a sale or IPO for the power components provider. The investment firm is weighing market conditions against interest from potential buyers to determine the final path for the exit.
Why it matters
Triton aims to capitalize on rising valuations for companies tied to increased global power demand driven by artificial intelligence. By utilizing a dual-track process, the firm retains the flexibility to pursue either a trade sale or a public market debut depending on which yields a higher valuation.
Trench Group reported 2025 revenue of €906.5 million, up 33% from €683.6 million in 2024. The firm currently maintains an order backlog of approximately €1.8 billion and a total workforce of nearly 3,000 employees.
The players
Triton Partners
This private equity firm specializes in acquiring and developing mid-sized businesses in Europe.
Morgan Stanley
The investment bank has been hired to manage the dual-track exit strategy for the asset.
Trench Group
The company manufactures specialized power components for the energy sector globally.
Bahadir Basdere
He has led the organization as CEO since 2019, overseeing its growth and recent expansions.
Siemens Energy
The energy giant previously owned Trench Group before selling the unit to Triton Partners in 2024.
The details
Triton Partners acquired Trench Group from Siemens Energy in April 2024 for between €400 million and €600 million. Since that purchase, Trench Group has expanded its footprint through the acquisition of the Australian firm H Nu in September 2025.
Timeline
Bahadir Basdere has served as the CEO of Trench Group since 2019.
Triton Partners purchased Trench Group from Siemens Energy in April 2024.
Trench Group generated €683.6 million in revenue during 2024.
Trench Group completed the acquisition of H Nu in September 2025.
Trench Group reached €906.5 million in revenue throughout 2025.
Market Landscape
Triton Partners' move capitalizes on the surge in global data center energy demand related to artificial intelligence infrastructure. This divestment follows a pattern set by the current high-valuation environment for companies supplying critical grid-connection components.
The potential sale or IPO of Trench Group does not immediately change daily operations for existing clients or current utility contracts. Customers should expect business continuity as the company evaluates its ownership transition.
The takeaway
Dual-track exit processes allow private equity firms to hedge against market volatility by keeping a trade sale as an alternative to an IPO. Investors should watch for how such strategies influence the consolidation of power equipment manufacturers in the coming year.
Further reading
For broader analysis on corporate divestment trends, visit the /business/business-strategy/ section.
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