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← Database

M&A

COOLIT SYSTEMS

Acquired by

KKR / MUBADALA

CANADA Hardware & Electronics EV [100m USD - 500m USD] 07/2023

COOLIT SYSTEMS acquired by KKR / MUBADALA

CANADA Hardware & Electronics EV [100m USD - 500m USD] 07/2023

Target

COOLIT SYSTEMS

Acquirer

KKR / MUBADALA

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.

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.

Ent. Value

Equity Value

Multiples Analysis

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

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.