Triton sells Kelvion to Apollo funds
13th August 2025
GERMANY: US asset management firm Apollo is to acquire a majority stake in German heat exchanger products manufacturer Kelvion.
Apollo is said to have beaten off rival bidders in a deal reported to be worth €2bn.
The investment will see current owners Triton maintaining a minority interest in the former GEA Heat Exchanger division that it acquired in 2014.
That deal, valued at €1.3bn, comprised 13 companies, including UK businesses Searle and Denco and the German refrigeration companies Kuba and Goedhart. The Searle, Goedhart and Kuba businesses were renamed Kelvion in 2015.
Since then, Kelvion has undergone a significant transformation, shifting its portfolio and strategic focus.
In2016, Kelvion announced the closure of the former Küba refrigeration factory in Baierbrunn, Germany, with manufacturing switched to Kelvion factories in the Czech Republic and Poland.
Last year, the company announced an end to manufacturing at the former Searle UK site in Fareham, Hampshire, with production being switched to Kelvion’s Polish manufacturing facility in Świebodzice.
Although not part of the Kelvion group, it was announced in 2015 that the DencoHappel factory in Hereford, UK, would close. Denco had been involved in the design, manufacture, installation and maintenance of air conditioning systems since 1944.
“Kelvion has established itself as a premier provider of energy efficient solutions, with a global footprint and leading customer base,” commented Apollo partner Waleed Elgohary.
“The company is well positioned to meet the demand of several very large secular tailwinds, including AI and cloud revolution, energy transition, and reindustrialisation,” he added.
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Triton considering sale of Kelvion – 4 February 2025
GERMANY: Private equity firm Triton Partners is reported to be considering a sale of German heat exchanger products manufacturer Kelvion. Read more…
Kelvion to cease production in Fareham – 13 September 2024
UK: Heat exchanger product manufacturer Kelvion is to cease manufacturing at its UK factory in Fareham, bringing to an end 67 years of refrigeration production at the site. Read more…
Kelvion to close former Küba factory – 25 October 2016
GERMANY: Kelvion has announced it is to wind down production and close its Kelvion Refrigeration GmbH factory in Baierbrunn. Read more…
Fläkt Woods and DencoHappel merge – 13 October 2016
GERMANY: Fläkt Woods has been merged with DencoHappel following the completion of its acquisition by investment group Triton. Read more…
Kelvion’s owner buys Fläkt Woods – 21 June 2016
GERMANY: Investment group Triton, owner of heat exchanger company Kelvion, has signed an agreement to acquire Fläkt Woods. Read more…
GEA sells heat exchanger interest for €1.3bn – April 16, 2014
GERMANY: GEA has sold its heat exchanger business to private equity firm Triton for €1.3bn. Read more…
