GE Vernova to buy Berlin-based grid supplier Trench Group from Triton for $9B

GE Vernova agreed on 28 October to buy Trench Group, a Berlin-headquartered maker of high-voltage bushings, instrument transformers and coils, from Triton Fund V for a $9.0B equivalent price, funded about equally with cash and debt and expected to close in late 2027. Trench has more than 3,000 staff and 11 factories in 8 countries and, according to Triton, has doubled annual revenue to over EUR 1B since its April 2024 carve-out. GE Vernova expects $1.9B of Trench revenue at about a 36% adjusted EBITDA margin in 2028, putting the price at 13x 2028 EBITDA. Atomico partner Andreas Helbig shared it with the caption 'Berlin is dead'.