Apollo-managed funds will acquire a majority stake in Kelvion, a century-old Germany-based provider of energy-efficient heat exchange and cooling solutions, from funds advised by Triton, which will retain a minority share. Kelvion has evolved into a key player in advanced thermal management, with data center cooling now its largest and fastest-growing business segment.
Kelvion also serves industries central to the energy transition, including carbon capture, hydrogen, electrification, renewables, and heat pumps. Its technology supports mission-critical operations globally, with manufacturing and service locations across the Americas, EMEA, and APAC.
Triton acquired the former GEA Heat Exchanger Group in 2014, rebranding it as Kelvion and steering it toward high-growth markets in High Tech and Green Tech. Under Triton’s ownership, Kelvion expanded its portfolio and operations to meet surging demand in sectors driven by sustainability, digitalization, and industrial modernization. This includes the data center sector, where demand for high-efficiency liquid and air cooling systems has accelerated with the rise of AI, cloud computing, and high-density workloads.
Apollo Partner Waleed Elgohary noted that Kelvion is well-positioned to benefit from macro trends such as the AI and cloud revolution, global energy transition, and reindustrialization. CEO Andy Blandford emphasized that the company is “stronger than ever,” delivering advanced solutions for markets critical to the planet’s future, and sees Apollo’s expertise in clean energy and industrial technology as key to accelerating growth.
Kelvion’s leadership in data center cooling is especially notable as operators worldwide seek to cut energy costs, reduce carbon footprints, and manage rising thermal loads from next-generation processors and GPUs. The company’s portfolio includes highly efficient heat exchangers, adiabatic coolers, and liquid-cooling systems tailored for hyperscale, colocation, and edge deployments. These solutions enable operators to maintain performance while meeting increasingly strict sustainability targets.
Apollo Partners Claudia Scarico and Jeremy Honeth said they have followed Kelvion’s transformation closely, praising the management team’s ability to serve highly technical end markets. Triton’s Claus von Hermann described the acquisition as the next step in Kelvion’s growth, adding that Apollo will provide “avenues to new growth” while Triton continues to support the business as a minority shareholder.
Apollo brings extensive climate and energy transition investment experience, having committed or arranged roughly $58 billion in related projects over the past five years. Its investment strategy has increasingly targeted companies that bridge industrial innovation and sustainability – a profile that fits Kelvion’s positioning in both the data center and broader energy transition ecosystems.
The transaction is expected to close between Q4 2025 and Q1 2026, subject to regulatory approvals. UBS, J.P. Morgan Securities, and Barclays acted as financial advisors to Apollo Funds, with Sidley Austin providing legal counsel. Guggenheim Securities and Morgan Stanley advised Triton, with Kirkland & Ellis as legal counsel.
With Apollo’s backing, Kelvion is poised to expand its role in the rapidly growing data center cooling market while continuing to serve industrial customers seeking reliable, energy-efficient solutions.
