Kelvion Enters Next Growth Phase as Apollo Becomes Majority Investor and Triton Remains Strategic Partner

Kelvion Enters Next Growth Phase as Apollo Becomes Majority Investor and Triton Remains Strategic Partner

(IN BRIEF) Apollo-managed funds will acquire a majority stake in German-based Kelvion, a global leader in heat exchange and cooling solutions, from Triton, which will retain a minority interest. Kelvion specializes in advanced thermal management technologies for data centers, energy transition sectors, and a range of industrial applications, operating a worldwide network of facilities. Since acquiring Kelvion in 2014, Triton has steered the company toward high-tech and green technology markets, strengthening operations and global reach. Apollo aims to support Kelvion’s expansion by leveraging its expertise in clean energy and industrial technology, while Triton remains invested to continue contributing to growth. The deal, expected to close between Q4 2025 and Q1 2026, is subject to regulatory approvals.

(PRESS RELEASE) LONDON/ HERNE, 14-Aug-2025 — /EuropaWire/ — Apollo (NYSE: APO) announced that Apollo-managed funds have reached an agreement to acquire a majority stake in Kelvion, a global leader in energy-efficient heat exchange and cooling solutions, from Triton, which will retain a minority interest in the company. The transaction marks the next stage in Kelvion’s growth journey, with Apollo, Triton, and the company’s management team joining forces to accelerate expansion, innovation, and market leadership.

Headquartered in Germany with a history spanning over a century, Kelvion has built a strong reputation for delivering advanced thermal management solutions across diverse industries and high-growth markets. The company is a leading supplier of cooling technologies for data centers—its largest and fastest-growing segment—and plays a key role in energy transition sectors, including carbon capture, hydrogen, electrification, renewables, and heat pumps. Kelvion operates a global network of production and service facilities across the Americas, EMEA, and APAC, enabling it to serve customers worldwide.

Triton acquired the business in 2014, rebranding it from GEA Heat Exchanger Group to Kelvion. Under Triton’s ownership, the company underwent a major transformation, shifting its portfolio toward high-tech and green technology solutions, improving operational performance, and expanding its customer base globally.

“Apollo is excited to partner with Kelvion at this pivotal moment,” said Waleed Elgohary, Partner at Apollo. “The company is well-positioned to benefit from powerful trends such as the AI and cloud revolution, energy transition, and reindustrialization. With its global reach and strong reputation for quality, Kelvion is ready to capture growth opportunities in the markets that matter most.”

Kelvion CEO Andy Blandford commented: “We thank Triton for their support and collaboration over the years, which has enabled us to become a stronger and more innovative company. Apollo’s deep expertise in clean energy and industrial technology, coupled with its global network, makes it the ideal partner to help us invest further in innovation, talent, and market expansion. Together with Apollo and Triton, we are ready to accelerate our growth and continue delivering high-quality, sustainable thermal solutions to customers worldwide.”

Apollo Partners Claudia Scarico and Jeremy Honeth noted: “We have followed Kelvion closely and have been impressed by its transformation into a leading solutions provider serving technically demanding markets. We look forward to supporting its growth alongside Triton.”

Claus von Hermann, Fund Managing Partner, Head of DACH, and Co-Head of Industrial Tech at Triton, added: “Kelvion’s transformation under our ownership has been remarkable. We are confident Apollo will bring valuable growth avenues, and we are pleased to remain invested as the company continues its trajectory.”

Apollo has committed approximately $58 billion in climate and energy transition-related investments over the past five years, with firmwide targets of $50 billion by 2027 and over $100 billion by 2030 under its Climate and Transition Investment Framework.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to complete between Q4 2025 and Q1 2026. UBS, J.P. Morgan, and Barclays acted as financial advisors to Apollo Funds, while Sidley Austin LLP served as legal counsel. Triton was advised by Guggenheim Securities and Morgan Stanley, with Kirkland & Ellis as legal counsel.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth.

Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes.

As of June 30, 2025, Apollo had $840 billion of assets under management.

To learn more, please visit: www.apollo.com

About Kelvion

Kelvion is a leading global developer and manufacturer of heat exchange solutions. Renowned for its commitment to innovation and sustainability, the company delivers cutting-edge thermal management solutions that empower customers to ensure reliable and efficient operations.

Kelvion’s extensive portfolio serves a wide range of applications such as data centres, hydrogen production, heat pumps, marine, HVAC, refrigeration and the food and beverage industry. The company’s global sales, service and production network ensures that Kelvion is always available to support customers wherever they are.

Whether supporting site installation, providing on-site technical service or replacement parts – Kelvion’s comprehensive range of service offerings is designed to optimise performance and extend the product lifecycle to ensure sustainability and reliability.

About Triton

Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.

Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit

For further information: www.triton-partners.com

Press Contacts

Apollo
Noah Gunn
Phone: (212) 822-0540
Email: IR@apollo.com

Apollo

Joanna Rose
Phone: (212) 822-0491
Email: Communications@apollo.com / EuropeanMedia@apollo.com

Triton Partners

Anja Schlenstedt
Email: media@triton-partners.com

Kelvion

Karin Pyc
Email: karin.pyc@kelvion.com

SOURCE: Triton Investments Advisers LLP