Sidley is representing Apollo-managed funds (the Apollo Funds) in their acquisition of a majority stake in Kelvion, a leading global provider of energy-efficient heat exchange and cooling solutions, from funds advised by Triton Partners (Triton). Triton will maintain a minority interest in Kelvion.
Founded and headquartered in Germany for over a century, Kelvion has established itself as a premier provider of thermal management solutions across a broad spectrum of industrial and high-growth end markets. Today, Kelvion is a leader in advanced cooling technologies for data centers, which represent its largest and fastest-growing segment. Kelvion also plays an enabling role in several key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, delivering highly reliable and sustainable solutions to customers around the globe.
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close between Q4 2025 and Q1 2026.
The Sidley team is led by partners Ramy Wahbeh and Kaisa Kuusk, counsel Florian Kamp and Tanya Indisova, managing associate Ying Liu, associate Silvia Maglio, and trainee solicitor Amy Jane Turner (M&A and Private Equity). The broader cross-office and cross-practice team includes Björn Holland, Ryan M. Hicks, Armin Mustafić, Valentin Specht, Mario Hirsch, Fatima Butt, Jahanzeb Jahania, and Laura Persin (M&A and Private Equity); Jason Menzies, Jörg Fischer, Rachel D. Kleinberg, Patrick Graham, Avi Kaye, Corinna Linhardt, and Fraser Tudor (Tax); Ed Gander and Jessica Lowe (Investment Funds); Stephen M. Fronk, Paul Kariyawasam, and IP Transactions Specialist Raza A. Siddiqui (Technology and Life Sciences Transactions); Jayanthi Sadanandan, Joseph Kimberling, Daniele Bossola, trainee Taran S. Narula, and paralegal Joanna C. Soltman (Global Finance); Jen Fernandez, Carys Golesworthy, and Justine Fassion (Global Arbitration, Trade and Advocacy); Joanna Janica (Employee Benefits and Executive Compensation); Clive Gringras (Commercial Litigation and Disputes); Cathryn Le Regulski and Ryan Martin (Labor, Employment and Immigration); and Craig Francis Dukin (White Collar: Government Litigation and Investigations).
