Apollo plans to acquire a majority stake in Kelvion, a top global provider of energy-efficient heat exchange and cooling solutions. It will purchase this stake from funds advised by Triton, which will keep a minority interest in the company.
Kelvion is based in Germany and has been in operation for over a century. It provides thermal management solutions across various industries. The company is a leader in advanced cooling technologies for data centers, which is its largest and fastest-growing area. Kelvion also supports key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, by delivering reliable and sustainable solutions worldwide.
Kelvion operates globally, with locations in North America, Europe, the Middle East, Africa, and the Asia-Pacific region. Triton acquired and rebranded the company in 2014, when it was known as GEA Heat Exchanger Group. Since then, Kelvion has transformed its focus and strategy toward key trends in high technology and green technology. This has enabled the company to enhance its operations and expand its customer base.
In the last five years, Apollo-managed funds have invested around $58 billion in climate and energy transition projects. These investments support companies and initiatives in the clean energy and infrastructure sectors.
The deal is expected to close once specific conditions are met, including receipt of regulatory approvals. It is expected to be finalized between the fourth quarter of 2025 and the first quarter of 2026.
Support: Advisors, including UBS, J.P. Morgan Securities, and Barclays Bank (acting through its investment bank), served as financial advisors to the Apollo Funds, while Sidley Austin provided legal counsel on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel in connection with the financing of the transaction. Guggenheim Securities and Morgan Stanley International served as financial advisors to Triton, while Kirkland & Ellis provided legal advice.
KEY QUOTES:
“Kelvion has established itself as a premier provider of energy efficient solutions, with a global footprint and leading customer base. The Company is well positioned to meet the demand of several very large secular tailwinds, including AI & cloud revolution, energy transition, and reindustrialization. We are thrilled to have the opportunity to support the Company’s growth in this next phase in partnership with the Triton, Andy and the rest of the management team.”
Waleed Elgohary, Partner, Apollo
“We thank Triton for their support and the good collaboration throughout the years. Today, Kelvion stands stronger than ever, delivering cutting-edge solutions across high-growth markets that matter most for the future of industry and the planet. We are thrilled to welcome Apollo Funds as our new majority investor. Their deep expertise in both clean energy and industrial technology, along with their global network and long-term mindset, makes them an ideal partner. Backed by the combined strength of Apollo and Triton, we are poised to accelerate our growth trajectory, continue investing in innovation and talent, and further solidify our position as a global leader in energy-efficient thermal solutions.”
Andy Blandford, CEO of Kelvion
“We have followed the Kelvion business for several years, and Andy and the management team have done a terrific job transforming the business into a leading solutions provider serving highly technical end markets that we believe should continue to benefit from multiple secular megatrends. We are excited by its growth plans and look forward to supporting Kelvion in partnership with Triton.”
Apollo Partners Claudia Scarico and Jeremy Honeth
“We thank Andy, the further management team and all employees of Kelvion for their hard work, commitment and collaboration over the years. Together, they have driven a remarkable transformation, positioning the company at the forefront of global industrial innovation. We believe that Apollo is the perfect new partner for the company providing avenues to new growth and we look forward to supporting both the management and Apollo team in that.”
Claus von Hermann, Fund Managing Partner, Head of DACH and Co-Head of Industrial Tech at Triton
