Kelvion Acquired by Apollo Funds with Triton Retaining Minority Stake

Apollo, a prominent global alternative asset manager, has announced that its managed funds will acquire a majority stake in Kelvion, a leading provider of heat exchange and cooling solutions, from Triton, that will retain a minority interest. Established for over a century in Germany, Kelvion has excelled in thermal management solutions, particularly for data centers, and plays a key role in energy transition markets such as carbon capture and hydrogen. Apollo’s acquisition is poised to accelerate Kelvion’s growth trajectory, with the company strategically positioned to harness the benefits of secular megatrends including the AI revolution and energy transition. The transaction, subject to regulatory approvals, is expected to close between Q4 2025 and Q1 2026. It is notable that Apollo has committed approximately $58 billion to climate and energy transition-related investments in the past five years. This development underscores Apollo’s commitment to sustainable growth, innovation, and bolstering Kelvion’s global leadership in energy-efficient solutions.