Apollo-managed funds have agreed to acquire a majority stake in German heat exchange and cooling solutions provider Kelvion from Triton, which will retain a minority interest. The deal is expected to close between the fourth quarter of 2025 and the first quarter of 2026, subject to regulatory approvals and other conditions.
Kelvion, headquartered in Germany for more than a century, serves industrial and high-growth markets worldwide, with advanced cooling technologies for data centers as its largest and fastest-growing segment. The company also supplies solutions for carbon capture, hydrogen, electrification, renewables, and heat pumps. Kelvion operates sites across the Americas, EMEA, and APAC regions.
Triton acquired and rebranded Kelvion in 2014 from GEA Heat Exchanger Group. Since then, the company has shifted its portfolio toward high-tech and green-tech markets, expanded its global customer base, and focused on operational improvements.
“We are thrilled to have the opportunity to support the company’s growth in this next phase in partnership with Triton, Andy and the rest of the management team,” said Waleed Elgohary, Partner at Apollo.
Kelvion CEO Andy Blandford commented: “We are thrilled to welcome Apollo Funds as our new majority investor. 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.”
Apollo stated it has committed, deployed, or arranged about $58 billion in climate and energy transition-related investments over the past five years.
UBS AG, J.P. Morgan Securities plc, and Barclays Bank PLC advised Apollo Funds, while Guggenheim Securities, LLC and Morgan Stanley & Co. International plc advised Triton.
