Apollo Funds to acquire a majority stake in Germany-based Kelvion, a leader in thermal management for high-growth sectors like data centers, hydrogen, and renewables.
Triton, the current owner, will retain a minority stake, continuing its partnership in driving Kelvion’s growth and innovation.
The deal aligns with major global trends, including AI expansion, energy transition, and industrial decarbonization.
Apollo-managed funds have agreed to acquire a majority interest in Kelvion, a century-old German manufacturer specializing in energy-efficient heat exchange and cooling technologies, from Triton. Triton will remain a minority shareholder, continuing its involvement in the company’s expansion.
Kelvion has positioned itself as a key player in advanced cooling solutions for data centers—its largest and fastest-growing segment—as well as in carbon capture, hydrogen, electrification, renewable energy, and heat pump markets. The company operates globally across the Americas, EMEA, and APAC.
Waleed Elgohary, Partner at Apollo, said Kelvion is “well positioned to meet the demand of several very large secular tailwinds, including AI & cloud revolution, energy transition, and reindustrialization.” He added that Apollo looks forward to supporting Kelvion’s growth alongside Triton and the management team.
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CEO Andy Blandford emphasized Kelvion’s strengthened market position and the opportunity ahead: “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.”
Triton’s Claus von Hermann credited Kelvion’s transformation to the dedication of its team and said Apollo offers “avenues to new growth” as the company advances global industrial innovation.
Apollo has committed or arranged approximately $58 billion in climate and energy transition-related investments over the past five years. The transaction, subject to regulatory approvals, is expected to close between Q4 2025 and Q1 2026.
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