Lincoln International advised KKL on its sale to bluu unit from SüdBG

SüdBG, management and founder, have sold KKL to bluu unit, a portfolio company of Triton

KKL Holding GmbH

KKL is one of the largest independent and high-growth platforms for sustainable HVAC-R (heating, ventilation, air conditioning, refrigeration) and EPC (engineering, procurement and construction) solutions in Germany, focused on data centers. The group consists of four entities under the umbrella of KKL Holding GmbH: 1) KKL Klimatechnik GmbH, climate solutions for small and medium-sized retrofit, replacement and new-build projects; 2) Kälte-Klima-Technik Doubaras GmbH, cooling solutions for medical applications from 0°C to -156°C; 3) XIUS GmbH, plug-and-play HVAC-R solutions; and 4) FM Service GmbH, EPC solutions for small- and medium-sized data centers.

The Deal

Lincoln International acted as the exclusive sell-side advisor to the shareholders of the KKL Group, providing mergers and acquisitions (M&A) advisory services and leveraging its expertise and global network in the broader energy transition, power and infrastructure (EP&I) sector. Lincoln International ran a well-structured process, ultimately completing the transaction with the sale to bluu unit, a portfolio company of Triton focused on sustainable and future-oriented HVAC-R solutions.

Triton brings considerable expertise in HVAC-R and technical building service (TBS) platforms, with a strong track record of finding and scaling local hidden champions. The investment will support the KKL Group in its next phase of growth, enabling the company to accelerate geographic expansion, further develop its HVAC-R and data center service portfolio and pursue further strategic acquisitions.

Patrick Peters and Ingo Hoffmann, Management at KKL, commented, “With bluu unit at our side, we look forward to actively shaping the future, seizing new opportunities and further strengthening the trust of our employees, customers and suppliers. This partnership is an important step towards ensuring sustainable growth and continuing our shared success story.
We would like to express our sincere thanks to Lincoln International for their outstanding cooperation and professional support throughout the entire transaction process. Together, we have successfully mastered a significant milestone that paves the way for the next phase of growth for our group of companies.”

Our Perspective

Juan Carlos Montoya, Managing Director at Lincoln International, commented: “It was a pleasure to advise SüdBG, the founder of the company and the management team on this strategically significant transaction. We continue to see strong interest from both private equity and strategic investors in businesses focused on energy-efficient solutions, especially in the HVAC-R space. As an organization, we are proud to play a leading role in this ongoing consolidation. We would also like to congratulate the KKL, Triton and bluu unit teams on the successful completion of the transaction and look forward to seeing the business capitalize on the significant opportunities ahead.”

SüdBG

Süd Beteiligungen GmbH (SüdBG) is a subsidiary of Landesbank Baden-Württemberg (LBBW) and has been supporting medium-sized companies with customized equity and equity-related solutions for succession planning, growth financing and shareholder changes for more than 50 years.

As one of the leading private equity firms in German-speaking countries and a long-term investor, SüdBG has supported more than 70 companies in their sustainable development over the past 10 years, investing approximately €600 million and utilizing a broad network.

bluu unit

Together, bluu unit develops sustainable refrigeration, air conditioning and heating solutions that deliver both economic and ecological benefits. In 2025 alone, four groups consisting of seven independent specialist companies with more than 180 employees have already joined the alliance—a strong signal of its attractiveness. Its range of services, with a focus on innovative technologies and natural refrigerants, extends from consulting and project planning to installation and maintenance. For more information, please visit www.bluu-unit.de

Triton

Founded in 1997 and owned by its partners, Triton is a leading European middle market sector-specialist investor. Triton focuses on investing in businesses that provide mission-critical goods and services in its three core sectors of business services, industrial technology and healthcare.

Triton has more than 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: middle market private equity, smaller mid-cap private equity and opportunistic credit.