APOLLO GLOBAL MANAGEMENT takes majority stake in KELVION
Context
Apollo Global Management has entered into a definitive agreement to acquire a controlling majority stake in Kelvion from Triton Partners, executing a high-profile corporate buyout within the European industrial technology sector. The transaction is structured via a share purchase agreement that allows Triton Partners to maintain an active, non-controlling minority equity interest alongside Apollo. To ensure seamless operational continuity and execution, the governance framework dictates that Kelvion’s long-standing executive management team, led by CEO Andy Blandford, will remain embedded at the helm of the organization. The transaction's financial engineering relies on substantial equity commitments from the Apollo Funds, complemented by a senior corporate debt facility arranged by a tier-one investment banking syndicate.
It is worth noting that the fund Triton Partners took control of Kelvion through an LBO in 2014.
KELVION, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.5x).
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Target
Kelvion (ex GEA Heat Exchangers) is a premier global developer, manufacturer, and provider of energy-efficient heat exchange and cooling solutions. Headquartered in Herne, Germany, and backed by over a century of industrial engineering heritage, the company specializes in advanced thermal management technologies. Its commercial business model relies on the fabrication and long-term servicing of high-performance industrial equipment tailored to critical, high-growth secular end markets. The company's largest and fastest-growing business division is focused on specialized advanced cooling systems for data centers, capturing heavy tailwinds from the global AI and cloud computing infrastructure boom. Additionally, Kelvion acts as a vital technological enabler for global climate and green tech transition sectors, deploying specialized heat exchangers into carbon capture infrastructure, hydrogen production facilities, utility-scale electrification frameworks, renewables, and industrial heat pumps. The organization manages a resilient, asset-heavy production, sales, and technical service network distributed across the Americas, EMEA, and APAC regions.
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Historical Financials (EUR)
Other operations with KELVION
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2014 | TRITON PARTNERS | KELVION | GERMANY | Boilers & Thermal Solutions |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 1b - 3b EUR
EBITDA range: 150M - 250M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: kelvion
Acquirer: apollo global management