On October 12, 2023, Triton Fund V, advised by Triton, announced it had reached an agreement to acquire the Trench business from Siemens Energy. The details of the transaction, including its value, were not disclosed. The acquisition, subject to regulatory approvals, necessary consultations with Trench, and other customary closing conditions, was expected to close in the first half of 2024.

Trench specializes in producing high-voltage grid components, notably bushings, instrument transformers, and coil products, marketed under the HSP and Trench brands. The company, a global leader in its field, employed 2,400 people and operated nine factories across Europe, North America, and China, including locations in Germany, Austria, France, Italy, Canada, and Bulgaria. Positioned to benefit from the Energy Transition, a key investment theme for Triton, Trench's acquisition aligned with Triton's focus on market-leading companies with high growth potential and technological advantages.

Steffen Reimund, an Investment Advisory Professional at Triton, praised Trench's competitive positioning in the T&D component market, highlighting its deep technical expertise, top-tier product portfolio, market leadership, and long-standing relationships with blue-chip customers. Triton planned to support Trench's growth and market leadership expansion, maintaining a close collaboration with Siemens Energy through a long-term supply agreement.

Triton's acquisition strategy centered on companies with technological edges and high growth potential. The firm had substantial experience in the high-voltage electrical equipment sector, with investments in companies like EQOS and Sediver, and a history of successful corporate carve-outs from major corporations including Bosch, SGL Carbon, Siemens, SKF, Voith, and Volkswagen.