Trench Group Eyes Multi-Billion-Euro Sale or IPO

Berlin-based Trench Group, which makes high-voltage bushings and instrument transformers for AI data center substations, is exploring a sale or IPO valuing it at several billion euros. Revenue doubled to €1 billion in two years after Triton Partners bought it from Siemens Energy, and its order backlog topped €2.1 billion. Morgan Stanley is advising on a dual-track process, with a deal possible as early as 2027.

• Trench revenue doubled to €1 billion in two years after the Siemens Energy carve-out
• Order backlog topped €2.1 billion, roughly twice annual revenue
• In the first three quarters of 2026 revenue rose 31% to €860 million, orders 28%
• Morgan Stanley runs a dual-track sale and IPO, with a deal possible in 2027