Apollo Global Management has reached an agreement to purchase Kelvion, a German cooling equipment manufacturer, from Triton, a private equity firm. Triton will maintain a minority stake in Kelvion, as per a statement released on Wednesday. The acquisition is anticipated to be finalized between the last quarter of 2025 and the first quarter of the following year.
Triton will hold on to a minority interest in Kelvion, according to a statement on Wednesday. The deal is set to be completed between the fourth quarter of 2025 and the first quarter of 2026.
The transaction values Kelvion at approximately €2 billion ($2.3 billion) inclusive of debt, according to sources familiar with the matter. Apollo and Triton representatives declined to comment on the valuation.
The sale of Kelvion comes at a time when governments globally, such as those in the US and the UK, are increasing investments in artificial intelligence, resulting in a surge in demand for chips and data centers.
Kelvion, previously the heat exchanger division of German industrial machinery company GEA Group AG, also offers products for carbon capture and hydrogen production. Triton bought the business in 2014 for €1.3 billion, including debt.
The Triton entity that owns Kelvion underwent a restructuring of its €600 million bonds in 2019, with Triton injecting fresh capital to maintain control.
Over the past five years, Apollo has committed or facilitated approximately $58 billion in investments related to climate and energy transition, as stated in the release.
In June, Apollo agreed to assist Electricite de France in raising up to £4.5 billion ($6.1 billion) through private bond placements to support the development of the Hinkley Point C nuclear power plant and other ventures in the UK.
