KELVION has been 100% owned by TRITON PARTNERS since April 2014.

At what enterprise value was KELVION acquired in 2014?

During the acquisition of KELVION by TRITON PARTNERS in 2014, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR.

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.

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

What is the average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026?

The average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026 is 11.5x.

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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

Context

Triton 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 in 2013, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.5x).

-> 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, Sub-sector)
Date	Acquirer	Target	Country	Sector
08/2025	APOLLO GLOBAL MANAGEMENT	KELVION	GERMANY	Boilers & Thermal Solutions

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: kelvion

Acquirer: triton partners