At what enterprise value was KELVION acquired in 2025?

During the acquisition of KELVION by APOLLO GLOBAL MANAGEMENT in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Industry & Manufacturing industry currently tracks an average EBITDA multiple of 11.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of KELVION when it was acquired by APOLLO GLOBAL MANAGEMENT?

The estimated EV/EBITDA multiple for KELVION is in the range of 5x - 12x. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.1x. Join our community for free to access full valuation data and industry trends.

When was KELVION acquired by APOLLO GLOBAL MANAGEMENT?

KELVION was acquired by APOLLO GLOBAL MANAGEMENT in 2025.

What was the revenue of KELVION at the time of the deal?

The revenue of KELVION at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of KELVION during the acquisition?

KELVION's EBITDA is estimated to be in the range of 150M - 250M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the KELVION acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the KELVION deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.triton-partners.com/news/apollo-funds-to-acquire-kelvion-a-leading-global-provider-of-heat-exchange-cooling-solutions

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Home Database Industry & ManufacturingKELVION

08/2025

APOLLO GLOBAL MANAGEMENT takes majority stake in KELVION

GERMANY Industrial Equipment / Special Machinery / Boilers & Thermal Solutions EV 1b - 4b EUR

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 LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Industry & Manufacturing market trends

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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Other operations with KELVION

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2014	TRITON PARTNERS	KELVION	GERMANY	Industrial Equipment	riton Partners acquired 100% of GEA Heat Exchangers from GEA Group AG in a transformational European industrial technology transaction. The deal was structured via a definitive share and asset purchase agreement that concluded a highly publicized, competitive auction process aimed at major international financial sponsors and trade buyers

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 150M - 250M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of KELVION by APOLLO GLOBAL MANAGEMENT are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: kelvion

Acquirer: apollo global management