United States $840 Billion Private Equity Firm Apollo to Buy Majority Stake in Germany Heat Solutions Company Kelvion in $2.3 Billion (€2 Billion) Deal with Triton Partners to Retain Minority Stake, Kelvion Founded in 1920 as GEA Heat Exchanger Group by Otto Happel & Renamed to Kelvion in 2014 after Acquisition by Triton Partners
14th August | Hong Kong
United States private equity firm Apollo ($840 billion AUM) has announced to buy a majority stake in Germany heat solutions company Kelvion in reported $2.3 billion (€2 billion) deal, and with Triton Partners to retain minority stake. Kelvion was founded in 1920 as GEA Heat Exchanger Group by Otto Happel, and renamed to Kelvion in 2014 after acquisition by Triton Partners. Kelvion – Kelvion is a leading global developer and manufacturer of heat exchange solutions. Renowned for its commitment to innovation and sustainability, the company delivers cutting-edge thermal management solutions that empower customers to ensure reliable and efficient operations. Kelvion’s extensive portfolio serves a wide range of applications such as data centres, hydrogen production, heat pumps, marine, HVAC, refrigeration and the food and beverage industry. The company’s global sales, service and production network ensures that Kelvion is always available to support customers wherever they are. Whether supporting site installation, providing on-site technical service or replacement parts – Kelvion’s comprehensive range of service offerings is designed to optimise performance and extend the product lifecycle to ensure sustainability and reliability. Apollo – Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had $840 billion of assets under management. Triton – Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare. Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.
“ United States $840 Billion Private Equity Firm Apollo to Buy Majority Stake in Germany Heat Solutions Company Kelvion in $2.3 Billion (€2 Billion) Deal with Triton Partners to Retain Minority Stake, Kelvion Founded in 1920 as GEA Heat Exchanger Group by Otto Happel & Renamed to Kelvion in 2014 after Acquisition by Triton Partners “
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United States $840 Billion Private Equity Firm Apollo to Buy Majority Stake in Germany Heat Solutions Company Kelvion in $2.3 Billion (€2 Billion) Deal with Triton Partners to Retain Minority Stake, Kelvion Founded in 1920 as GEA Heat Exchanger Group by Otto Happel & Renamed to Kelvion in 2014 after Acquisition by Triton Partners
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