nVent Electric announced Monday it would acquire Maverick Power for $1.75 billion in cash, marking the St. Louis Park-run manufacturer's largest deal to date and its third significant data center acquisition in eighteen months. The transaction, expected to close in Q4 2024 subject to regulatory clearance, adds Maverick's electrical distribution and busway systems to nVent's existing thermal management and liquid cooling portfolio. nVent shares rose 4.2% in morning trading to $78.63, a twelve-month high.
Maverick Power, founded in 2007 and headquartered in Cedar Park, Texas, generates approximately $425 million in annual revenue with EBITDA margins in the mid-teens. The company manufactures modular power distribution units, busway systems, and switchgear primarily for hyperscale data centers. Its customer base includes three of the four largest US cloud providers, though nVent declined to specify which. Maverick employs roughly 1,200 workers across facilities in Texas, Arizona, and Monterrey, Mexico. The acquisition price represents a multiple of 4.1x trailing revenue and approximately 12x EBITDA, a modest premium to nVent's own trading multiple but below recent comps in the electrical infrastructure space.
The deal reflects intensifying competition for data center infrastructure assets as AI training and inference workloads drive capacity expansion. Global data center construction starts reached 1,847 megawatts in Q2 2024, up 37% year-over-year, according to Synergy Research. Power density per rack continues climbing—now averaging 15-20 kilowatts for general compute but exceeding 80 kilowatts for GPU clusters—forcing operators to rebuild electrical distribution architecture that was spec'd for lower loads. nVent positions Maverick's busway systems as complementary to its existing liquid cooling technology, which it acquired through the $1.9 billion Hoffmann + Krippner deal in March 2023. Combined, the portfolio addresses both power delivery and heat rejection, the two binding constraints in next-generation facilities. Worth noting: nVent's data center revenue has grown at a 34% CAGR since 2021, now representing roughly 28% of total sales. Management guided to $850 million in data center revenue for fiscal 2024 before the Maverick contribution. Adding Maverick's $425 million would push the segment past $1.2 billion annualized, or approximately 35% of pro forma revenue. The company expects $30 million in cost synergies by year three, primarily from manufacturing footprint consolidation and procurement leverage, though it declined to specify facility closures.
Operators should monitor nVent's backlog disclosures in its Q3 earnings call, likely scheduled for late October. Data center orders typically convert to revenue over 9-14 months, so Q3 bookings will signal 2025 capacity plans among hyperscalers. Also watch for customer concentration risk—if Maverick derives more than 40% of revenue from a single buyer, integration becomes more fragile. On the regulatory side, HSR clearance is the only cited approval, suggesting no foreign ownership concerns despite London domicile. The FTC's expanded merger review guidelines could extend timelines, but electrical infrastructure has drawn less scrutiny than semiconductors or data center real estate.
Maverick's founder and CEO, whose name nVent has not disclosed, will remain through transition but likely exits within twelve months based on prior nVent integration patterns. The company financed the deal with a combination of cash on hand—$287 million as of Q2—and new term debt, expected to push net leverage to approximately 2.8x EBITDA. That leaves limited capacity for further M&A until 2026 unless nVent divests a non-core segment, and the company has historically kept industrial enclosures and thermal management separate for exactly that optionality.
The takeaway
nVent pays 4.1x revenue for Maverick Power, consolidating data center electrical share as AI workloads force infrastructure rebuild cycles.
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