Apollo Funds to Acquire Kelvion, a Leading Global Provider of Heat Exchange & Cooling Solutions
Apollo (NYSE: APO) has announced that its managed funds will acquire a majority stake in Kelvion, a German-based global provider of energy efficient heat exchange and cooling solutions, from Triton. The latter will retain a minority interest in the company.
Kelvion specializes in advanced cooling technologies for data centers, which represents its largest and fastest-growing segment. The company also provides thermal management solutions for energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps. Under Triton's ownership since 2014, Kelvion has undergone significant transformation, focusing on High Tech and Green Tech sectors.
The transaction is expected to close between Q4 2025 and Q1 2026, subject to regulatory approvals. Apollo's funds have committed approximately $58 billion to climate and energy transition-related investments over the past five years.
Apollo (NYSE: APO) ha annunciato che i fondi da lui gestiti acquisiranno una partecipazione di maggioranza in Kelvion, fornitore tedesco di soluzioni di scambio termico e raffreddamento ad alta efficienza, da Triton. Quest'ultima manterr脿 una partecipazione di minoranza nella societ脿.
Kelvion 猫 specializzata in tecnologie avanzate di raffreddamento per data center, il suo segmento pi霉 ampio e in pi霉 rapida crescita. L'azienda offre inoltre soluzioni per la gestione termica nei mercati della transizione energetica, tra cui cattura del carbonio, idrogeno, elettrificazione, energie rinnovabili e pompe di calore. Sotto la propriet脿 di Triton dal 2014, Kelvion ha subito una trasformazione significativa, concentrandosi sui settori High Tech e Green Tech.
L'operazione dovrebbe concludersi tra il Q4 2025 e il Q1 2026, subordinatamente alle approvazioni regolamentari. I fondi di Apollo hanno impegnato circa 58 miliardi di dollari in investimenti legati al clima e alla transizione energetica negli ultimi cinque anni.
Apollo (NYSE: APO) ha anunciado que sus fondos gestionados adquirir谩n una participaci贸n mayoritaria en Kelvion, proveedor alem谩n de soluciones eficientes de intercambio t茅rmico y refrigeraci贸n, procedente de Triton. Esta 煤ltima conservar谩 una participaci贸n minoritaria en la empresa.
Kelvion se especializa en tecnolog铆as avanzadas de refrigeraci贸n para centros de datos, su segmento m谩s grande y de mayor crecimiento. Adem谩s, ofrece soluciones de gesti贸n t茅rmica para los mercados de la transici贸n energ茅tica, incluidas la captura de carbono, el hidr贸geno, la electrificaci贸n, las energ铆as renovables y las bombas de calor. Bajo la propiedad de Triton desde 2014, Kelvion ha experimentado una transformaci贸n significativa, centrando su actividad en los sectores High Tech y Green Tech.
La transacci贸n se espera que se cierre entre el Q4 2025 y el Q1 2026, sujeta a aprobaciones regulatorias. Los fondos de Apollo han comprometido aproximadamente 58.000 millones de d贸lares en inversiones relacionadas con el clima y la transici贸n energ茅tica en los 煤ltimos cinco a帽os.
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Apollo (NYSE: APO) a annonc茅 que ses fonds g茅r茅s acquerront une participation majoritaire dans Kelvion, un fournisseur allemand de solutions efficaces d'茅change thermique et de refroidissement, aupr猫s de Triton. Ce dernier conservera une participation minoritaire dans la soci茅t茅.
Kelvion est sp茅cialis茅 dans les technologies avanc茅es de refroidissement pour centres de donn茅es, son segment le plus important et le plus dynamique. L'entreprise propose 茅galement des solutions de gestion thermique pour les march茅s de la transition 茅nerg茅tique, notamment la capture du carbone, l'hydrog猫ne, l'茅lectrification, les 茅nergies renouvelables et les pompes 脿 chaleur. Sous la propri茅t茅 de Triton depuis 2014, Kelvion a op茅r茅 une transformation significative, en se concentrant sur les secteurs High Tech et Green Tech.
La transaction devrait 锚tre finalis茅e entre le Q4 2025 et le Q1 2026, sous r茅serve des autorisations r茅glementaires. Les fonds d'Apollo ont engag茅 environ 58 milliards de dollars dans des investissements li茅s au climat et 脿 la transition 茅nerg茅tique au cours des cinq derni猫res ann茅es.
Apollo (NYSE: APO) hat angek眉ndigt, dass von ihm verwaltete Fonds eine Mehrheitsbeteiligung an Kelvion, einem deutschen Anbieter energieeffizienter W盲rme- und K眉hlungsl枚sungen, von Triton erwerben werden. Triton wird eine Minderheitsbeteiligung am Unternehmen behalten.
Kelvion ist auf fortschrittliche K眉hll枚sungen f眉r Rechenzentren spezialisiert, den gr枚脽ten und am schnellsten wachsenden Gesch盲ftsbereich des Unternehmens. Au脽erdem bietet das Unternehmen thermische Managementl枚sungen f眉r M盲rkte der Energiewende, darunter Carbon Capture, Wasserstoff, Elektrifizierung, erneuerbare Energien und W盲rmepumpen. Unter Tritons Eigentum seit 2014 hat sich Kelvion deutlich gewandelt und sich auf die Bereiche High Tech und Green Tech fokussiert.
Der Abschluss der Transaktion wird, vorbehaltlich beh枚rdlicher Genehmigungen, zwischen dem Q4 2025 und dem Q1 2026 erwartet. Die Fonds von Apollo haben in den letzten f眉nf Jahren rund 58 Milliarden US-Dollar f眉r klima- und energiewendebezogene Investments zugesagt.
- Strategic acquisition in high-growth markets including data centers and energy transition solutions
- Apollo brings deep expertise in clean energy and industrial technology
- Triton's continued minority stake demonstrates confidence in future growth
- Company has strong positioning in secular megatrends: AI & cloud revolution, energy transition, and reindustrialization
- Transaction subject to regulatory approvals, creating execution risk
- Complex integration process ahead with operations across Americas, EMEA, and APAC
Insights
Apollo's acquisition of Kelvion strengthens its position in energy transition and data center cooling markets with significant growth potential.
Apollo Funds has agreed to acquire a majority stake in Kelvion, a German company specializing in heat exchange and cooling solutions. This represents a strategic expansion into high-growth sectors, particularly data centers, which is Kelvion's largest and fastest-growing segment. The acquisition aligns perfectly with Apollo's increasing focus on climate and energy transition investments, an area where they've committed approximately
Kelvion's business profile is particularly attractive because it sits at the intersection of multiple secular growth trends. The company has successfully pivoted from traditional industrial applications toward what they term "High Tech and Green Tech" 鈥� specifically targeting data center cooling (critical for AI infrastructure), carbon capture, hydrogen, electrification, renewables, and heat pumps. This strategic positioning gives Apollo exposure to both the exponential growth in data center demand driven by AI and cloud computing, as well as the global energy transition.
The transaction structure, with Triton maintaining a minority stake, suggests confidence in Kelvion's future prospects from both the seller and buyer. Triton's continued involvement provides valuable continuity, having overseen Kelvion's transformation since acquiring it in 2014. The deal is expected to close between Q4 2025 and Q1 2026, pending regulatory approvals.
This acquisition exemplifies Apollo's strategy of investing in companies positioned at the forefront of major technological and environmental shifts, potentially providing attractive returns as these markets expand in the coming decades. For Apollo shareholders, this represents an expansion of the firm's portfolio in sectors with substantial long-term growth potential.
Triton to retain minority interest in Kelvion
LONDON and HERNE, Germany, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (鈥淎pollo Funds鈥�) have agreed to acquire a majority stake in Kelvion (or the 鈥淐ompany鈥�), a leading global provider of energy efficient heat exchange and cooling solutions, from funds advised by Triton (鈥淭riton鈥�). Triton will maintain a minority interest in Kelvion.
Founded and headquartered in Germany for over a century, Kelvion has established itself as a premier provider of thermal management solutions聽across a broad spectrum of industrial and high-growth end markets. Today, Kelvion is a leader in advanced cooling technologies for data centers, the Company鈥檚 largest and fastest-growing segment. It also plays an enabling role in several key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, delivering highly reliable and sustainable solutions to customers around the globe.
Kelvion operates an extensive global footprint with sites across the Americas, EMEA, and APAC. Triton acquired and rebranded the company in 2014 (formerly GEA Heat Exchanger Group). Since then, Kelvion has undergone a significant transformation, shifting its portfolio and strategic focus toward secular megatrends in High Tech and Green Tech, while driving operational excellence and expanding its global customer base.
Waleed Elgohary, Partner, Apollo, said, 鈥淜elvion 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鈥檚 growth in this next phase in partnership with the Triton, Andy and the rest of the management team.鈥�
Andy Blandford, CEO of Kelvion, said: 鈥淲e 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.鈥�
Apollo Partners Claudia Scarico and Jeremy Honeth added, 鈥淲e 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.鈥�
Claus von Hermann, Fund Managing Partner, Head of DACH and Co-Head of Industrial Tech at Triton, said: 鈥淲e 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.鈥�
Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close between Q4 2025 and Q1 2026.
UBS AG, J.P. Morgan Securities plc and Barclays Bank PLC (acting through its investment bank) served as financial advisors to the Apollo Funds, while Sidley Austin LLP served as legal counsel on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel in connection with the financing of the transaction.
Guggenheim Securities, LLC and Morgan Stanley & Co. International plc acted as financial advisors to Triton while Kirkland & Ellis served as legal advisors.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had
About Kelvion
Kelvion is a leading global developer and manufacturer of heat exchange solutions. Renowned for its commitment to innovation and sustainability, the company delivers cutting-edge thermal management solutions that empower customers to ensure reliable and efficient operations. Kelvion鈥檚 extensive portfolio serves a wide range of applications such as data centres, hydrogen production, heat pumps, marine, HVAC, refrigeration and the food and beverage industry. The company鈥檚 global sales, service and production network ensures that Kelvion is always available to support customers wherever they are. Whether supporting site installation, providing on-site technical service or replacement parts 鈥� Kelvion鈥檚 comprehensive range of service offerings is designed to optimise performance and extend the product lifecycle to ensure sustainability and reliability.
About Triton
Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.
Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary 鈥淎ll Weather鈥� strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit
For further information: www.triton-partners.com
Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
[email protected]
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
[email protected] /
Triton Contact
Anja Schlenstedt
Kelvion Contact
Karin Pyc
Head of Communications
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1 As of December 31, 2024. The firmwide targets (the 鈥淭argets鈥�) to deploy, commit, or arrange capital commensurate with Apollo鈥檚 proprietary Climate and Transition Investment Framework (the 鈥淐TIF鈥�), are (1)
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