Apollo Global Management has agreed to acquire a majority stake in German cooling systems maker Kelvion from UK PE firm Triton, as the asset manager continues its push into climate and energy transition-related investments.
Kelvion’s main customer base consists of data centers, which increasingly require cooling solutions as global demand soars. The company also offers other energy transition services, including carbon capture, hydrogen production, electrification and heat pumps.
The deal values Kelvion at €2 billion (around $2.3 billion), including debt, according to Bloomberg. Apollo and Triton did not comment on the sale price.
Triton partnered with CPP Investments and Nozala Women Investments to buy Kelvion from German machinery maker GEA Group in 2014 for €1.3 billion.
Triton will keep a minority stake after the deal, according to a statement.
Apollo has committed or arranged $58 billion in investments related to climate and energy transition over the past five years.
Recent deals include partnering with BC Partners on a C$8 billion ($5.8 billion) acquisition of Canada-based waste management company GFL Environmental in January and making a growth investment in Virginia-based solar assets operator Summit Ridge Energy in April.
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