New Berlin-based ECM Industries, LLC announced this week it has agreed to be acquired by St. Louis Park, Minnesota-based nVent Electric plc for $1.1 billion.
ECM Industries is a global manufacturer and supplier of electrical products for the construction, maintenance, irrigation and landscape supply, and utility markets.
nVent is a global provider of electrical connection and protection solutions. ECM Industries will become a part of nVent’s electrical and fastening solutions segment once the deal closes in the second quarter of 2023.
“We do not foresee any significant changes to ECM Industries’ business. Upon closing, we are excited to be able to offer customers more product solutions through our complementary portfolios,” said ECM in a statement.
The ECM Industries portfolio includes the brands Gardner Bender, Sperry Instruments, Bergen Industries, King Innovation and Calterm. Located at 16250 W. Woods Edge Road, ECM employs approximately 1,400 people. The company had revenues of $415 million and adjusted EBITDA of $104 million in the twelve months ended Feb. 28, 2023.
“We are excited to acquire ECM Industries. This deal aligns with nVent’s acquisition strategy focused on great products in high-growth verticals that we can scale, positioning us for continued long-term value creation,” said Beth Wozniak, chief executive officer of nVent. “ECM Industries has a highly complementary portfolio of electrical power connection and grounding solutions, including its ILSCO brand. Together with ECM, nVent can provide a broader offering to customers, including electrical contractors, and to distribution partners. With a long history of focusing on the customer and growth, industry-leading brands and a people-oriented culture, we believe ECM will be a great fit with nVent.”
In an investor presentation on the acquisition, nVent said the acquisition will be funded by cash on hand and new debt.
“This is an exciting time in ECM’s evolution,” said Mike Masino, chief executive officer of ECM Industries. “This next step with a successful, fast-growing and globally recognized electrical industry leader will be beneficial for our employees, customers and partners.”
