Net Profit of 30 Billion RMB in Three Years—KKR Is Exiting Again

Originally published by 'China Private Equity Investment' (ID: PE-China) Author: Wei Yajun Photography: Bob KKR (including its partners) achieved a three-year paper return exceeding 17x. A flawless exit. Recently, Ecolab Inc., a global leader in water treatment and sustainable development solutions, announced it will formally acquire CoolIT Systems—a developer of data center liquid cooling systems—for approximately USD 4.75 billion in cash (roughly RMB 32.8 billion). Currently, CoolIT Systems is majority-owned by funds managed by KKR. In May 2023, KKR—leading a consortium including partners—acquired a majority stake in CoolIT Systems for approximately USD 270 million. The transaction is expected to close in Q3 2026. An expensive acquisition Valuation far exceeds traditional industrial sectors From the terms of the deal, this acquisition’s valuation is notably 'expensive.' According to available information, the USD 4.75 billion price tag equates to roughly 29x CoolIT’s projected adjusted EBITDA for the next 12 months—and 24x its projected adjusted EBITDA for fiscal year 2027. This valuation level significantly surpasses typical multiples seen in traditional industrial M&A. Clearly, the elevated valuation directly reflects the current frenzy surrounding the AI infrastructure sector: as global tech giants race to build data centers amid intensifying competition for computing power, thermal management technology has become a critical physical bottleneck constraining AI advancement. Per Ecolab’s disclosures, CoolIT is projected to generate approximately USD 550 million in sales over the next 12 months, with an adjusted EBITDA margin of around 30%. This implies Ecolab paid more than 8.6x revenue for a company generating roughly USD 550 million annually. For comparison, Ecolab’s current market capitalization stands at approximately USD 77.7 billion, with projected 2025 revenue of USD 16.08 billion—yielding a price-to-sales (P/S) ratio of only ~4.8x. Post-acquisition, Ecolab’s addressable market (TAM) will double—from USD 5 billion to USD 10 billion—with this market growing at double-digit annual rates. Ecolab expects the acquisition to lift organic sales growth for its global water resources business by two percentage points in the first year post-close—and boost overall organic sales growth by one percentage point. Starting in 2028 (excluding non-cash amortization expenses), the transaction is projected to accrete adjusted earnings per share. To finance the acquisition, Ecolab will raise new debt specifically tied to the transaction. From gaming enthusiast to liquid-cooling leader Public records indicate CoolIT Systems was founded in 2001 and is headquartered in Calgary, Canada. Its three founders—Brydon Gierl, Sandy Scott, and Jason Myers—conceived the idea of revolutionizing computer cooling amid Calgary’s vibrant startup ecosystem. According to company history, Sandy—a passionate gamer—was frustrated by overheating graphics cards that severely degraded his PC gaming experience. He approached Brydon for help, and the two began early experiments on a kitchen table, aiming to solve this pain point for high-performance computing users.

Viewing the Chromatography Media Market in 2026 Through the Lens of USD 3.08 Billion: A New Global Market Landscape Shaped by Monoclonal Antibodies Dominance, Rising Peptide Therapeutics, and Accelerating Domestic Substitution [Chart]

Report Table of Contents 1. Market Overview 1.1 Definition and Classification of Chromatography Media 1.2 Global Chromatography Media Market Size and Forecast 1.2.1 Global Chromatography Media Market Size (by Revenue), 2021–2032 1.2.2 Global Chromatography Media Market Size (by Volume), 2021–2032 1.2.3 Global Chromatography Media Price Trends, 2021–2032 1.3 China’s Chromatography Media Market Size and Forecast 1.3.1 China’s Chromatography Media Market Size (by Revenue), 2021–2032 1.3.2 China’s Chromatography Media Market Size (by Volume), 2021–2032 1.3.3 China’s Chromatography Media Price Trends, 2021–2032 1.4 Analysis of China’s Position in the Global Market 1.4.1 China’s Share of the Global Chromatography Media Market (by Revenue), 2021–2032 1.4.2 China’s Share of the Global Chromatography Media Market (by Volume), 2021–2032 1.4.3 Comparison of Market Growth Rates: China vs. Global Chromatography Media Market, 2021–2032 1.5 Industry Opportunities, Challenges, Trends, and Policy Analysis 1.5.1 Drivers and Growth Opportunities in the Chromatography Media Industry 1.5.2 Constraints and Challenges Facing the Chromatography Media Industry 1.5.3 Industry Development Trends in Chromatography Media 1.5.4 Policy Analysis of Relevant Industries in the Chinese Market 2. Market Share and Rankings of Global Leading Manufacturers 2.1 Global Leading Manufacturers’ Market Share (by Chromatography Media Revenue), 2021–2026 2.2 Global Leading Manufacturers’ Market Share (by Chromatography Media Volume), 2021–2026 2.3 Price Comparison Among Global Leading Manufacturers of Chromatography Media, 2021–2026 2.4 Analysis of Three-Tier Market Participants in Chromatography Media: Global First-Tier, Second-Tier, and Third-Tier Players 2.5 Concentration Analysis of the Global Chromatography Media Industry 2.6 M&A Activity in the Global Chromatography Media Industry 2.7 Product Listings of Leading Global Chromatography Media Manufacturers 2.8 Headquarters and Production Site Distribution of Major Global Chromatography Media Producers 2.9 Recent Capacity Changes and Future Capacity Plans of Key Global Producers 3. Market Share and Rankings of Leading Chinese Manufacturers 3.1 Market Share of Leading Chinese Manufacturers (by Chromatography Media Revenue), 2021–2026 3.2 Market Share of Leading Chinese Manufacturers (by Chromatography Media Volume), 2021–2026 3.3 Market Share Breakdown of Chinese Chromatography Media Participants: First-Tier, Second-Tier, and Third-Tier Players 4. Capacity and Production Analysis Across Major Global Regions 4.1 Global Chromatography Media Industry Total Capacity, Output, and Capacity Utilization Rate, 2021–2032 4.2 Chromatography Media Capacity Analysis by Major Global Region 4.3 Chromatography Media Output and Future Growth Forecasts by Major Global Region, 2021 vs. 2025 vs. 2032 4.4 Chromatography Media Output by Major Global Production Regions, 2021–2032 4.5 Chromatography Media Output Share by Major Global Production Regions, 2021–2032