Secondary Buyout • Building Materials

Apollo Global Management and Triton Partners Acquire Kelvion

On August 13, 2025, asset manager Apollo Global Management and private equity firm Triton Partners acquired building materials company Kelvion from Triton Partners

Acquisition Context
  • This is Apollo Global Management’s 3rd and Triton Partners’ 7th transaction in the Building Materials sector.
  • This is Apollo Global Management’s 2nd and Triton Partners’ 35th transaction in Germany.

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M&A Deal Summary

Date August 13, 2025
Target Kelvion
Sector Building Materials
Buyer(s) Apollo Global Management
Triton Partners
Sellers(s) Triton Partners
Deal Type Secondary Buyout

Target Company

Kelvion

Herne, Germany
Kelvion is a manufacturer of industrial heat exchangers for different kinds of markets. Kelvion was founded in 1920 and is based in Herne, Germany.
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Buyers Overview 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


Deal Context for Buyer #
Overall 149 of 152
Sector: Building Materials 3 of 3
Type: Secondary Buyout 38 of 39
Country: Germany 2 of 2
Year: 2025 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-11 Trace3

Irvine, California, United States

Trace3 is a digital transformation and IT solutions to provider for medium and large sized enterprise clients. The Company has established a regional market-leading position in the technology solutions provider space with significant expertise in areas such as Cloud, Security, Data Intelligence, DevOps, and Data Center solutions. Trace3 was founded in 2002 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-06 Eagle Creek Renewable Energy

Bethesda, Maryland, United States

Eagle Creek Renewable Energy owns, operates, and develops hydroelectric power projects. Its projects provide clean energy to electricity consumers in North America while providing recreational opportunities and protecting historical resources and the environment.

Buy -
Buyer

Triton Partners

Frankfurt, Germany

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 21.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Triton Partners is an investment firm focused on investing in medium-size companies headquartered in Western and Northern Europe. This includes businesses in Germany, Switzerland, Austria, Denmark, Finland, Norway, and Sweden. Triton generally pursues market leading companies with the potential for change, as well as growth opportunities through operational improvements. Sectors of interest include business services, consumer products, consumer services, healthcare, and industrials. Triton Partners was formed in 1997 and is based in Frankfurt, Germany.


Deal Context for Buyer #
Overall 105 of 105
Sector: Building Materials 7 of 7
Type: Secondary Buyout 26 of 26
Country: Germany 35 of 35
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-11 Bormioli Pharma

Parma, Italy

Bormioli pharma is a pharma primary packaging manufacturer. Bormioli Pharma is based in Parma, Italy.

Sell -

Seller Profile 1

SELLER

Triton Partners

Frankfurt, Germany

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 21.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Triton Partners is an investment firm focused on investing in medium-size companies headquartered in Western and Northern Europe. This includes businesses in Germany, Switzerland, Austria, Denmark, Finland, Norway, and Sweden. Triton generally pursues market leading companies with the potential for change, as well as growth opportunities through operational improvements. Sectors of interest include business services, consumer products, consumer services, healthcare, and industrials. Triton Partners was formed in 1997 and is based in Frankfurt, Germany.


Deal Context for Seller #
Overall 57 of 57
Sector: Building Materials 3 of 3
Type: Secondary Buyout 13 of 13
Country: Germany 22 of 22
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-11 Bormioli Pharma

Parma, Italy

Bormioli pharma is a pharma primary packaging manufacturer. Bormioli Pharma is based in Parma, Italy.

Sell -