Pentair plc (“Pentair”) is a leading pure play global water treatment company with a comprehensive range of smart, sustainable water solutions for homes, businesses, industry and communities. Pentair is a market leader in North American pool products (pumps, heaters, filters, etc.), and has a strong portfolio of brands in residential and commercial water filtration and flow technology.
Trian was initially attracted to Pentair given the company’s leading brands and products, strong free cash flow, and long-term organic growth across its end-markets. Trian also believed that there was meaningful opportunity to enhance shareholder value by working closely with Pentair’s management to drive growth both organically and by considering various strategic alternatives, including acquisitions and the separation of Pentair’s water and electrical businesses.
In June 2015, Trian announced its investment in Pentair. In September 2015, Ed Garden began attending and participating in meetings of the Board of Directors, and in May 2016, he was appointed as a member of the Board. In addition, Matt Peltz or Brian Baldwin (both Partners of Trian) attended all meetings of the Pentair Board as observers since September 2015.
On May 9, 2017, Pentair announced that its Board of Directors unanimously approved a plan to separate its Water and Electrical businesses into two independent, publicly-traded companies, Pentair (water business) and nVent (electrical business). Trian believes this separation, completed on April 30, 2018, is the logical next step for Pentair as both companies should benefit from market-leading positions in their respective industries, well-recognized brands, attractive margin profiles, strong free cash flow generation and compelling growth opportunities.
On April 30, 2018, Trian Partner Matt Peltz joined the Board of Pentair. As part of the company’s transition, Ed Garden stepped down from the Board of Pentair on April 30, 2018 upon completion of the separation.
On September 10, 2018, Matt Peltz resigned from the Pentair Board. Together with Ed Garden, Matt played an active role in helping guide Pentair into becoming a pure play water company by spinning off nVent Electric. Trian believed it was an appropriate time for Matt to step off the Pentair Board to devote more time to current and future board positions and his commitments at Trian.