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Is Boyd worth 2.25x PurgeRite’s multiple? Has Eaton overpaid?

10 October 2026 · 29 min read
Editorial cover: $9.55B at 22.5x 2026E EBITDA for Boyd Thermal, 2.25x the PurgeRite comparable, 8.8% Base IRR vs 8% WACC hurdle.
Eaton closed Boyd Thermal from Goldman Sachs Asset Management on 12 March 2026 at $9.55B net of cash, equivalent to 22.5x estimated 2026 adjusted EBITDA. The multiple is 2.25x Vertiv's disclosed ~10x expected 2026 EBITDA multiple (including synergies) for PurgeRite in the same nine-month cooling-consolidation window.
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    Executive with 20+ years in AI data centre power, industrial technology, automation and control, and energy infrastructure. Prior operating roles at Eaton, Honeywell, Cisco, and BCG among others.

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