Apollo-managed funds receive guidance from Sidley Austin in the Kelvion acquisition process.
Apollo Acquires Majority Stake in Kelvion, Guided by Sidley Austin
In a significant move, Apollo-managed funds have acquired a majority stake in Kelvion, a German global provider of energy-efficient heat exchange and cooling solutions. The transaction, which is expected to close between Q4 2025 and Q1 2026, subject to regulatory approvals and customary closing conditions, will see Apollo Funds become Kelvion's new majority investor, while Triton will retain a minority interest in the company.
Sidley Austin, an international law firm, provided legal guidance for the acquisition. Ramy Wahbeh and Kaisa Kuusk, partners at the firm, were instrumental in the deal. Triton, an investment firm, has been a significant player in Kelvion's growth since acquiring and rebranding the company (formerly GEA Heat Exchanger Group) in 2014. Under Triton's leadership, Kelvion has undergone a strategic transformation, focusing on High Tech and Green Tech sectors, operational improvements, and expansion into energy transition markets.
Apollo Global Management, the investment funds' parent company, possesses deep expertise in clean energy and industrial technology. The company expresses confidence in supporting Kelvion’s growth in partnership with Triton and the company’s management team, aiming to capitalize on secular tailwinds such as data center cooling, key energy transition markets, and advanced thermal management solutions. Kelvion's CEO, Andy Blandford, has expressed gratitude towards Triton for their support and collaboration.
Kelvion is well-positioned to capitalize on several significant market trends, including the AI and cloud revolution, energy transition, and reindustrialization. The company's strong position in the market, particularly in energy-efficient solutions, global footprint, and leading customer base, make it an ideal partner for Apollo Funds. Under the new partnership, Kelvion aims to accelerate its growth trajectory, invest in innovation and talent, and further solidify its position as a global leader in energy-efficient thermal solutions.
In addition to Sidley Austin, Milbank LLP is also involved in the deal, advising the financing sources related to Apollo's acquisition of Kelvion from Triton. However, further detail on Sidley Austin’s involvement or other legal advisors is not currently available in the sources provided.
| Aspect | Details | |-----------------------------|---------------------------------------------------------------------------------------------------------| | Acquirer | Apollo-managed funds | | Seller | Triton-advised funds (retains minority interest) | | Closing timeframe | Between Q4 2025 and Q1 2026 | | Law firm involvement | Milbank LLP advising financing sources; Sidley Austin providing legal guidance for the acquisition | | Kelvion's focus | Energy-efficient heat exchangers, data center cooling, green tech & energy transition markets | | Future prospects | Growth driven by AI/cloud, carbon capture, hydrogen, renewables, and broader industrial thermal markets |
This acquisition marks a significant step forward for Kelvion, as it seeks to expand its presence in the global market and continue its growth in the energy-efficient thermal solutions sector. With Apollo Funds' global network and long-term mindset, Kelvion is poised to solidify its position as a leading player in the industry.
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