Apollo Global Management has agreed to acquire German cooling equipment manufacturer Kelvion from Triton Partners in a deal valuing the business at around €2bn, including debt, according to a report by Bloomberg.
Triton will retain a minority stake, with completion expected between Q4 2025 and Q1 2026.
Kelvion – formerly the heat exchanger division of GEA Group – serves data centres, industrial processes, carbon capture projects and hydrogen production. Demand for its products is being fuelled by global investment in artificial intelligence infrastructure and the energy transition.
Triton acquired the company in 2014 for €1.3bn, including debt, and restructured €600m of its bonds in 2019 to maintain control.
The transaction aligns with Apollo’s climate and energy transition strategy, with the firm having committed or arranged about $58bn in related investments over the past five years. Earlier this year, Apollo partnered with EDF to raise up to £4.5bn in private bond placements for UK nuclear and clean energy projects.
