At what enterprise value was COOLIT SYSTEMS acquired in 2023?

During the acquisition of COOLIT SYSTEMS by KKR / MUBADALA in 2023, 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 300M - 700M USD. 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 TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 13.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of COOLIT SYSTEMS when it was acquired by KKR / MUBADALA?

The estimated EV/EBITDA multiple for COOLIT SYSTEMS is in the range of 15x - 25x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 13.4x. Join our community for free to access full valuation data and industry trends.

When was COOLIT SYSTEMS acquired by KKR / MUBADALA?

COOLIT SYSTEMS was acquired by KKR / MUBADALA in 2023.

What was the revenue of COOLIT SYSTEMS at the time of the deal?

The revenue of COOLIT SYSTEMS at the time of the deal is estimated to be in the range of 100M - 200M USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of COOLIT SYSTEMS during the acquisition?

COOLIT SYSTEMS's EBITDA is estimated to be in the range of 5M - 25M USD. 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 COOLIT SYSTEMS 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 COOLIT SYSTEMS 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.mubadala.com/en/news/mubadala-invests-in-coolit-systems-alongside-kkr

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Home Database TMT (Tech, Media, Telecom)COOLIT SYSTEMS

07/2023

COOLIT SYSTEMS

Acquired by

KKR & MUBADALA

CANADA Hardware & Electronics / IT Equipment / Servers & Networks EV 300M - 700M USD

COOLIT SYSTEMS acquired by KKR & MUBADALA

CANADA Hardware & Electronics / IT Equipment / Servers & Networks EV 300M - 700M USD

Context

KKR, through its Global Impact Fund II, has acquired a majority stake in CoolIT Systems, with Mubadala Investment Company joining as a significant co-investor. While the specific financial terms of the 2023 entry were not publicly disclosed at the time, later reports indicated a valuation in the region of $270 million. Steve Walton, CEO of CoolIT, and the existing management team remained in place to lead the company’s expansion. The strategic rationale for the acquisition is to scale CoolIT’s best-in-class liquid cooling technology to meet the exploding demand for energy-efficient data centers driven by AI. KKR aims to leverage its global manufacturing footprint and expertise in decarbonization to help CoolIT better serve hyperscalers and cloud service providers. A key component of the transaction is the implementation of KKR’s broad-based equity ownership program, which made all 300+ employees (at the time) owners of the company. This "ownership mindset" is designed to drive employee engagement and operational performance. The investment directly supports UN SDGs related to Affordable and Clean Energy (SDG 7) and Climate Action (SDG 13), positioning CoolIT as a central player in the global effort to reduce the environmental footprint of digital infrastructure.

COOLIT SYSTEMS, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (13.4x).

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.

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Target

Founded 25 years ago in a garage in Calgary, CoolIT Systems is a global leader in advanced liquid cooling solutions for the high-performance computing (HPC) and data center markets. The company specializes in Direct Liquid Cooling (DLC) technology, which is essential for managing the intense heat generated by modern AI chips and high-density server racks—environments where traditional air cooling is insufficient. CoolIT designs and manufactures a comprehensive range of products, including Coldplates, Manifolds, and Coolant Distribution Units (CDUs). Its value proposition centers on enabling data center operators to increase server density while significantly reducing energy consumption and carbon footprints. Under KKR’s stewardship, the company pivoted from a niche provider for gaming PCs to a critical Tier 1 partner for global "hyperscalers," with its technology now deployed in over 300 data centers worldwide. CoolIT’s strategy emphasizes rapid industrialization and mass production of specialized thermal management systems to meet the exponential infrastructure demands of the AI revolution.

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Other operations with COOLIT SYSTEMS

Date	Acquirer	Target	Country	Sector	Deal Context
03/2026	ECOLAB	COOLIT SYSTEMS	CANADA	Hardware & Electronics	KKR, alongside co-investor Mubadala Investment Company, has signed a definitive agreement to sell CoolIT Systems to Ecolab. This transaction marks a highly successful exit for KKR’s Global Impact Fund II, which acquired the company in 2023 for approximately $270 million. The strategic rationale for the deal is driven by the global "arms race" in AI infrastructure. CoolIT’s revenues surged by 300% during KKR’s ownership as its hyperscaler revenue share jumped from 5% to 60%, largely fueled by the shift to liquid-cooled GPUs (e.g., Nvidia). For Ecolab, the acquisition provides an immediate leadership position in the mission-critical cooling segment of the data center industry. A standout feature of the deal is KKR’s "broad-based ownership" program: all 650 employees were granted equity in 2023 and will receive cash payouts at closing ranging from one to over eight years of their annual salary. This exit is KKR’s first North American Global Impact payout and underscores the firm’s strategy of using employee ownership to drive industrial performance. CoolIT will continue to operate under its own brand, led by CEO Jason Waxman, as part of the broader Ecolab platform.

REFERENCES

Valuation range: EV 300M - 700M USD

Revenue range: 100M - 200M USD

EBITDA range: 5M - 25M USD

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

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

Target: coolit systems

Acquirer: kkr / mubadala