05:15 PM EDT, 07/16/2024 (MT Newswires) -- NVent Electric ( NVT ) said Tuesday its affiliate completed the purchase of an undisclosed majority stake in building-controls manufacturer Trachte for $695 million from Palladium Equity Partners.

Palladium acquired its majority stake in Trachte for a reported more than $160 million in September 2020 from Morgenthaler Private Equity, which retained a minority share in Trachte.

nVent said the acquisition will expands its enclosures and protection systems offerings and better positions to provide a broader product suite and capabilities.

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