Brookfield Completes Acquisition of Chemelex
Brookfield Business Partners L.P. Limited Partnership Units (BBU)
Last brookfield business partners l.p. limited partnership units earnings: 2/6 06:45 am
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Source: GlobeNewswire
NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Brookfield Asset Management (NYSE: BAM, TSX: BAM) through one of its private equity funds, together with its listed affiliate Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC), today announced that it has completed the acquisition of Chemelex (“the business”) from nVent Electric Plc for a purchase price of $1.7 billion. Chemelex is a global leader in the design and manufacturing of electric heat trace systems, the specialized wiring systems that regulate the temperature of pipes in industrial plants and commercial buildings. With high barriers to entry and strong brand recognition as the inventor of electric heat tracing in 1972, the business sells its products into the industrial, commercial and residential, traditional and clean energy, and infrastructure markets. Dave Gregory, a Managing Partner in Brookfield’s Private Equity Group, said “Chemelex is a global market leader providing an essential product and service wit
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