Apollo-managed funds have agreed to acquire a majority stake in Kelvion, a leading global provider of energy-efficient heat exchange and cooling solutions, from funds advised by Triton. Triton will maintain a minority interest in Kelvion. The deal is expected to be finalized between Q4 2025 and Q1 2026, subject to regulatory approvals. While some reports indicated the deal could be worth around €2 billion, the provided information does not specify an exact acquisition price, nor does it involve SLB.
Kelvion, founded over a century ago in Germany and previously known as GEA Heat Exchanger Group before Triton rebranded it in 2014, has established itself as a premier provider of thermal management solutions. The company's largest and fastest-growing segment is advanced cooling technologies for data centers. Kelvion also plays a significant role in various energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps.
Apollo views Kelvion as well-positioned to capitalize on several major secular trends, including the AI and cloud revolution, energy transition, and reindustrialization. Apollo Partner Waleed Elgohary highlighted Kelvion's strong global footprint and customer base. Kelvion CEO Andy Blandford expressed enthusiasm for Apollo's expertise in clean energy and industrial technology, anticipating accelerated growth and continued investment in innovation and talent through the partnership with both Apollo and Triton. Apollo has made substantial investments in climate and energy transition-related projects, committing approximately $58 billion over the past five years.
