Kelvion Holding GmbH
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Kelvion Holding GmbH - overview
Established
1920
Location
Herne, -, Germany
Primary Industry
Industrial Machinery
About
Based in Germany, Kelvion Holding GmbH, d. b. a. Kelvion operates as a manufacturer of industrial heat exchangers, including plate heat exchangers, shell and tube heat exchangers, finned-tube heat exchangers, modular cooling tower systems, and more.
Based in Germany, and founded in 1920, Kelvion Holding GmbH, d. b. a. Kelvion operates as a manufacturer of industrial heat exchangers including brazed plate heat exchangers, dry cooling systems, box coolers, finned tube heat exchangers, and transformer oil pumps, among others.
The company also provides heat exchangers commissioning and testing services. In August 2025, Apollo Global Management agreed to acquire a majority stake in Kelvion Holding GmbH from Triton for approximately EUR 2 billion. The deal was completed in January 2026. Kelvion designs, manufactures, and supplies industrial heat exchangers and thermal management systems, including plate heat exchangers, air coolers, condensers, and cooling towers.
Its products support applications across energy, chemicals, data centres, HVAC, marine, refrigeration, food and beverage, and industrial process industries globally. Kelvion generates revenue through the sale of engineered heat exchange equipment and systems, alongside installation support, aftermarket services, spare parts, and lifecycle maintenance. Revenues are driven by long‑term industrial projects and repeat customers across energy, manufacturing, infrastructure, and process industries requiring efficient thermal solutions. The August 2025 acquisition will enable the company to strengthen its thermal solutions globally.
Current Investors
Triton
Primary Industry
Industrial Machinery
Sub Industries
Heating, Cooling & Ventilation Equipment and Services, Industrial Machinery
Website
www.kelvion.com
Verticals
Manufacturing
Company Stage
Mature - Buyout
Total Amount Raised
Subscriber access only
Kelvion Holding GmbH - financials
| Fiscal Year Ended | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 |
|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | - | - | - | 787,307,000 | 815,900,000 | - | - | - |
| % Revenue Growth (YoY) | - | - | - | - | 3.6% | - | - | - |
| EBITDA (USD) | (2,177.6) | - | - | 34,470,000 | (51,200,000) | - | - | - |
| Operating Income (USD) | (2,177.6) | - | - | (27,815,000) | (51,200,000) | - | - | - |
| Operating Margin | - | - | - | (3.5%) | (6.3%) | - | - | - |
| % EBITDA Margin | - | - | - | 4.4% | (6.3%) | - | - | - |
| NET Income (USD) | (302,198.1) | - | - | (77,085,000) | (115,500,000) | - | - | - |
| % Net Margin | - | - | - | (9.8%) | (14.2%) | - | - | - |
Kelvion Holding GmbH - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Secondary Buyout | Completed | Kelvion Holding GmbH | - | ||||||||
| Trade Sale | Completed | Kelvion Holding GmbH | - | ||||||||
| Corporate Carve Out | Completed | Kelvion Holding GmbH | - |
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