Global alternative investment manager Apollo announced an agreement to acquire energy efficient thermal management solutions provider Kelvion from investment firm Triton, noting the company’s positioning to address “secular megatrends” including data center cooling and green tech.
Founded in 1920, Germany-based Kelvion develops and manufactures heat exchange and cooling solutions for a broad range of applications including data centers, hydrogen production, heat pumps, marine, HVAC, refrigeration and the food and beverage industry.
The company, formerly GEA Group’s heat exchanger business, was acquired in 2014 by Triton, and has since shifted its focus towards high tech and green tech, with advanced cooling technologies for data centers now its largest and fastest-growing segment, while also providing solutions to key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps.
Waleed Elgohary, Partner at Apollo, said:
“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.”
The acquisition is expected to close between Q4 2025 and Q1 2026. Triton will maintain a minority interest in Kelvion.
Andy Blandford, CEO of Kelvion, said:
“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.”
