Triton Partners is looking to sell Trench Group, or take it public. Morgan Stanley is running a dual track, with an exit as early as next year.
Trench makes bushings, instrument transformers and coil products, the parts a grid cannot be built without. Triton carved it out of Siemens Energy in 2023, and revenue was €906m in 2025, up a third on the year.
Any fund that wants to own the bottleneck of the AI buildout should be looking at this.