nVent Electric announced August 24 it will acquire Maverick Power for $1.75 billion in cash, adding a McKinney, Texas switchgear manufacturer founded in 2020 to a portfolio already weighted toward hyperscale electrical infrastructure. The deal values Maverick at roughly 12x its estimated $145 million trailing EBITDA and positions nVent to capture medium-voltage power distribution contracts as data center developers race to meet AI inference demand through 2028.
Maverick builds modular switchgear assemblies and power distribution skids that slot into prefabricated electrical rooms, a configuration favored by developers compressing construction timelines from 24 months to 14. The company employs 340 people across two Texas facilities and has logged 68% annual revenue growth since its Series A in 2021, when it raised $22 million from Ridgemont Equity Partners and an undisclosed infrastructure family office. nVent will fold Maverick into its Electrical & Fastening Solutions segment, which already generates 41% of group revenue and posted 18.2% operating margins in Q2 2026. The acquisition closes in Q4 pending HSR clearance.
This is nVent's fourth data center acquisition since March 2025, following the $680 million purchase of Hoffman Enclosures, a $310 million bolt-on for liquid cooling components, and a smaller tuck-in for busway systems. Together those deals have increased nVent's exposure to hyperscale construction from 19% of revenue in 2024 to an estimated 37% by year-end 2026. The company now covers thermal management, power distribution, and electrical enclosures—three of the five critical-path items that gate data center energization. What it still lacks is transformer capacity and backup generation, both of which remain constrained with lead times stretching past 52 weeks for units above 10 MVA.
The price nVent paid reflects the scarcity value of manufacturing capacity that can deliver within 16 weeks, not 40. Maverick's two Texas plants can produce switchgear rated for 15 kV to 35 kV at a run rate of 180 units per quarter, enough to support roughly 12 gigawatts of data center load annually if coupled with third-party transformers. That throughput matters because developers are now pre-ordering electrical gear 14 months ahead of site work to avoid the bottlenecks that delayed 23% of 2025 hyperscale projects past their original service dates. Allocators should note nVent is paying for order books, not just revenue—Maverick's backlog stood at $620 million as of June 30, implying 4.3x book-to-bill and visibility through Q3 2027.
Operators should track three follow-on events. First, whether nVent integrates Maverick's production lines with its existing Hoffman enclosure plants in Anoka, Minnesota by Q1 2027, which would allow bundled shipments and reduce field assembly labor by an estimated 18%. Second, Maverick's customer concentration: if more than 40% of revenue comes from a single hyperscaler, contract renewals in H2 2027 will determine whether the acquisition multiple holds. Third, nVent's leverage, which will rise to 3.1x net debt to EBITDA post-close, leaving limited capacity for another large deal unless it divests non-core industrial assets by mid-2027.
The Ridgemont exit at 7.9x its 2021 entry multiple took five years and required no secondary dilution, a result family offices financing early-stage infrastructure plays will study closely as they model hold periods for similar bets on stranded industrial capacity that data center demand suddenly made scarce.