At what enterprise value was KELVION acquired in 2014?

During the acquisition of KELVION by TRITON PARTNERS in 2014, 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 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of KELVION when it was acquired by TRITON PARTNERS?

The exact EV/EBITDA multiple for KELVION is available on mynth capital. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was KELVION acquired by TRITON PARTNERS?

KELVION was acquired by TRITON PARTNERS in 2014.

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 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/triton-acquires-geas-heat-exchanger-business

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Home Database Industry & ManufacturingKELVION

04/2014

KELVION

Acquired by

TRITON PARTNERS

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

KELVION acquired by TRITON PARTNERS

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

Context

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. The multi-billion euro purchase price was funded through a combination of institutional equity from Triton’s flagship private equity funds alongside a large-scale senior secured acquisition debt facility arranged by a syndicate of European corporate banks. The transaction successfully carved out the standalone segment from GEA Group's institutional perimeter, keeping long-term executive Christoph Michel embedded as CEO to guarantee operational and engineering continuity. This landmark buyout provided the newly independent German manufacturer with deep capital reserves to leverage its global growth potential, subsequently laying the groundwork for its formal global corporate rebranding to Kelvion.

KELVION, which reported an EBITDA margin of LOGIN in 2013, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Industry & Manufacturing sector (11.0x).

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

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

Date	Acquirer	Target	Country	Sector	Deal Context
08/2025	APOLLO GLOBAL MANAGEMENT	KELVION	GERMANY	Industrial Equipment	Apollo Global Management agreed to acquire a controlling majority stake in Kelvion from Triton Partners in a transformational European industrial technology transaction. The deal was structured via a definitive share purchase agreement that allows Triton Partners to maintain an active, non-controlling minority equity interest in the company alongside Apollo. Under the binding terms of the transaction, the long-standing management team led by CEO Andy Blandford will remain operationally embedded at the helm of the organization to maintain continuity. The acquisition is backed by large-scale private equity commitments from the Apollo Funds alongside a highly structured corporate acquisition debt facility arranged by a tier-one investment banking syndicate. This secondary buyout successfully transitions Kelvion into Apollo’s global industrial portfolio, granting the German manufacturer massive capital reserves and institutional scale to aggressively capture expanding global market shares across specialized AI data center infrastructure and high-margin clean energy transmission corridors.

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 1b - 3b 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 TRITON PARTNERS 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).

Press release: view release

Target: kelvion

Acquirer: triton partners