Apollo Funds to acquire majority stake in Kelvion

Apollo-managed funds have entered into an agreement to acquire a majority stake in Kelvion, a German-based provider of heat exchange and cooling solutions. Triton, which has owned Kelvion since 2014, will retain a minority interest in the company. The transaction is expected to close between the fourth quarter of 2025 and the first quarter of 2026, subject to regulatory approvals.

Kelvion, founded over a century ago and headquartered in Germany, specializes in energy-efficient thermal management solutions for a wide range of industrial applications. The company's offerings include cooling technologies for data centers, which represent its largest and fastest-growing segment. Kelvion also supplies solutions for key energy transition markets, such as carbon capture, hydrogen, and renewable energy.

Apollo anticipates that Kelvion is well-positioned to capitalize on several secular trends, including the growth of AI and cloud computing, the energy transition, and reindustrialization. The company operates a global network with facilities across the Americas, EMEA, and APAC. Apollo has previously committed approximately $58 billion to climate and energy transition-related investments.

Kelvion CEO Andy Blandford expressed gratitude for Triton's support and welcomed Apollo as the new majority investor, citing their expertise in clean energy and industrial technology. Representatives from Triton stated that Apollo is the appropriate partner to support Kelvion's future growth.