TLDR: Apollo Global Management has agreed to acquire a majority stake in Kelvion, a German provider of energy-efficient thermal management solutions, from Triton. The deal, valued at approximately €2 billion (around $2.3 billion) including debt, aims to bolster Kelvion’s growth in critical sectors such as data center cooling and clean energy, addressing significant global trends. The acquisition is anticipated to finalize between Q4 2025 and Q1 2026, with Triton retaining a minority interest.
Global alternative investment manager Apollo Global Management has announced a definitive agreement to acquire a majority stake in Kelvion, a leading German developer and manufacturer of energy-efficient heat exchange and cooling solutions. The acquisition, from investment firm Triton, is valued at approximately €2 billion, which includes debt, and underscores Apollo’s strategic focus on climate and energy transition-related investments.
Kelvion, founded in 1920 and headquartered in Germany, has a long-standing history in thermal management. Originally part of GEA Group’s heat exchanger business, the company was acquired by Triton in 2014. Under Triton’s ownership, Kelvion underwent a significant transformation, strategically shifting its portfolio towards high-tech and green tech solutions. This pivot has positioned advanced cooling technologies for data centers as its largest and fastest-growing segment. Beyond data centers, Kelvion’s extensive portfolio serves a wide array of applications, including hydrogen production, heat pumps, carbon capture, electrification, renewables, marine, HVAC, refrigeration, and the food and beverage industry.
Waleed Elgohary, Partner at Apollo, emphasized the strategic rationale behind the acquisition, stating, “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.” This highlights Apollo’s intent to capitalize on Kelvion’s capabilities in addressing critical infrastructure needs driven by technological advancements and global sustainability efforts.
Andy Blandford, CEO of Kelvion, expressed enthusiasm for the new partnership: “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.” He added that Apollo’s deep expertise in clean energy and industrial technology, combined with their global network, makes them an ideal partner to accelerate Kelvion’s growth trajectory and further solidify its leadership in energy-efficient thermal solutions.
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This acquisition aligns with Apollo’s broader investment strategy, as Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion in climate and energy transition-related investments over the past five years. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be finalized between the fourth quarter of 2025 and the first quarter of 2026. Triton will maintain a minority interest in Kelvion, indicating a continued partnership in the company’s future growth.
