Global alternative investment manager Apollo has announced an agreement to acquire Kelvion, a provider of energy-efficient thermal management solutions, from the investment firm Triton. Apollo highlighted Kelvion’s strategic positioning to address significant industry trends, including data centre cooling and green technology advancements.
Kelvion, founded in 1920 and based in Germany, specialises in developing and manufacturing heat exchange and cooling solutions. Its applications span a wide range of sectors such as data centres, hydrogen production, heat pumps, marine, HVAC, refrigeration, and the food and beverage industry.
Originally part of GEA Group’s heat exchanger business, Kelvion was acquired by Triton in 2014. Since then, it has shifted its focus towards high-tech and green tech solutions. Advanced cooling technologies for data centres have become its largest and fastest-growing segment. The company also provides solutions for key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps.
Waleed Elgohary, Partner at Apollo, stated, “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 and cloud revolution, energy transition, and reindustrialisation.”
The acquisition is expected to close between the fourth quarter of 2025 and the first quarter of 2026. Triton will retain a minority interest in Kelvion.
Andy Blandford, CEO of Kelvion, commented, “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.”
