Apollo is acquiring a majority stake in Kelvion, a global provider of energy-efficient heat exchange and cooling solutions, from Triton.
Investment firm Triton, which acquired the company formerly known as GEA Heat Exchanger in 2014 and later rebranded it as Kelvion, will maintain a minority interest.
Kelvion, founded and headquartered in Germany over a century ago, provides thermal management solutions for a wide range of industrial and high-growth markets. The company operates globally, and has a network of sites in the Americas, EMEA and Asia-Pacific.
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 reindustrialisation.”
Claudia Scarico and Jeremy Honeth, Apollo partners, said: “We have followed the Kelvion business for several years, and Andy and the management team have done a terrific job transforming the business into a leading solutions provider serving highly technical end markets that we believe should continue to benefit from multiple secular megatrends.
“We are excited by its growth plans and look forward to supporting Kelvion in partnership with Triton.”
Andy Blandford, CEO of Kelvion, said: “We are thrilled to welcome Apollo Funds as our new majority investor. Their deep expertise in both clean energy and industrial technology, along with their global network and long-term mindset, makes them an ideal partner.
“Backed by the combined strength of Apollo and Triton, we are poised to accelerate our growth trajectory, continue investing in innovation and talent, and further solidify our position as a global leader in energy-efficient thermal solutions.”
Claus von Hermann, fund managing partner, head of DACH and co-head of industrial tech at Triton, said: “We thank Andy, the further management team and all employees of Kelvion for their hard work, commitment and collaboration over the years. Together, they have driven a remarkable transformation, positioning the company at the forefront of global industrial innovation.
“We believe that Apollo is the perfect new partner for the company providing avenues to new growth and we look forward to supporting both the management and Apollo team in that.”
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