Apollo Global Management Inc. or Apollo Funds (APO) announced on Wednesday that they have agreed to acquire a majority stake in Kelvion, a global provider of energy-efficient heat exchange and cooling solutions, from Triton. Apollo Funds added that Triton will retain a minority interest in the company.
Apollo Funds said that Germany-based Kelvion has a strong reputation in thermal management across a wide range of industrial and high-growth end markets. Since acquiring and rebranding the company in 2014, Triton has overseen a strategic transformation focused on High Tech and Green Tech sectors and operational improvements.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close between the fourth quarter of 2025 and the first quarter of 2026.
UBS, J.P. Morgan, and Barclays acted as financial advisors to Apollo Funds for this deal
Commenting on the acquisition, Waleed Elgohary, Partner, Apollo, said, "Kelvion has established itself as a premier provider of energy efficient solutions, with a global footprint and leading customer base. We are thrilled to have the opportunity to support the Companys growth in this next phase in partnership with the Triton, Andy and the rest of the management team."
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