Brookfield Asset Management (BAM) said on Monday that through one of its private equity funds, together with its listed affiliate Brookfield Business Partners (BBU), it has completed the acquisition of Chemelex from nVent Electric Plc (NVT) for $1.7 billion.
Brookfield's investment was funded with around $830 million of equity, of which Brookfield Business Partners invested approximately $210 million for a 25 percent interest. The balance was funded by institutional partners.
Chemelex is a maker of electric heat trace systems, the specialized wiring systems that regulate the temperature of pipes in industrial plants and commercial buildings.
Dave Gregory, a Managing Partner in Brookfield's Private Equity Group, said: "Chemelex is a global market leader providing an essential product and service with extensive connectivity to the Brookfield ecosystem through its end markets. We're excited to draw on our deep expertise in industrials and corporate carve-outs as we partner with the team to enhance operations and unlock its full potential as an independent business."
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