Apollo-managed funds plan to acquire a majority stake in Kelvion, a heat exchange and cooling solutions provider.

German-headquartered Kelvion develops technology for data centers, hydrogen production, carbon capture, heat pumps, marine, HVAC, refrigeration, and the food and beverage industry.

Subject to standard approvals, the deal is expected to close between Q4 2025 and Q1 2026. Previous owner Triton will maintain a minority stake in Kelvion.

The company has sites across the Americas, EMEA, and APAC. Founded in 1920, it was known as GEA Heat Exchanger Group before Triton rebranded it in 2014.

Kelvion's data center products include both air and liquid cooling solutions.

“We thank Triton for their support and the good collaboration throughout the years,” Andy Blandford, CEO of Kelvion, said.

“Today, Kelvion stands stronger than ever, delivering cutting-edge solutions across high-growth markets that matter most for the future of industry and the planet. We are thrilled to welcome Apollo Funds as our new majority investor. Their deep expertise in both clean energy and industrial technology, along with their global network and long-term mindset, makes them an ideal partner.

Waleed Elgohary, Apollo partner, added: “Kelvion has established itself as a premier provider of energy-efficient solutions, with a global footprint and leading customer base. The company is well-positioned to meet the demand of several very large secular tailwinds, including AI & cloud revolution, energy transition, and reindustrialization."

Apollo Global has a number of data center investments, including in operator TierPoint and chipmaker Wolfspeed. This month, Apollo announced plans to acquire Stream Data Centers and is also in talks with Meta to help fund its data centers.

Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion of climate and energy transition-related investments over the past five years, the company said.