Apollo Global Management has announced that its managed funds have agreed to acquire a majority stake in Kelvion, a German-based manufacturer specializing in energy-efficient heat exchange and cooling solutions, from Triton. Triton will retain a minority interest in Kelvion. The transaction is expected to close between the fourth quarter of 2025 and the first quarter of 2026, pending regulatory approvals and other conditions.
In 2014, Triton acquired and rebranded the former GEA Heat Exchanger Group as Kelvion. Since then, Kelvion has shifted its portfolio and focus toward “secular megatrends” in high-tech and green technology applications, driven in part by demand in the data center sector and other critical infrastructure.
Kelvion lists data centers as its largest application market, in addition to hydrogen production, marine, HVAC (heating, ventilation, and air conditioning), refrigeration, and the food and beverage industry.
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 and cloud revolution, energy transition, and reindustrialization.”
The acquisition comes as Apollo reports having committed, deployed, or arranged approximately 58 billion US dollars in climate and energy transition-related investments over the past five years.
Source: Apollo Global Management
