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 the third quarter of 2026. An expensive acquisition Valuation far exceeds traditional industrial sectors From a deal-terms perspective, 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 M&A multiples seen in traditional industrial sectors. Clearly, the elevated valuation directly reflects the extraordinary fervor surrounding the AI infrastructure sector today: as global tech giants race to build data centers in pursuit of 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 roughly 30%. This implies Ecolab paid over 8.6x revenue for a company generating ~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—implying a price-to-sales ratio of only ~4.8x. Upon completion, Ecolab’s total 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 business by two percentage points in the first year post-closing—and boost overall organic sales growth by one percentage point. Starting in 2028 (excluding non-cash amortization expenses), the transaction is expected to accrete adjusted earnings per share. To finance the acquisition, Ecolab will raise new transaction debt. 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 was an avid gamer—but his PC’s overheating GPU severely degraded his gaming experience. He approached Brydon for help, and the two began early experiments on a kitchen table to solve this pain point affecting high-performance computing users.

Global and China Chromatography Media Industry Opportunity Study and Competitive Strategy Innovation Report, 2026–2032

6.5.1 Revenue and Market Share of Chromatography Media by Application in China (2021–2026) 6.5.2 Revenue Forecast for Chromatography Media by Application in China (2027–2032) 7 Industry Development Environment Analysis 7.1 Trends in the Chromatography Media Industry 7.2 Key Drivers of the Chromatography Media Industry 7.2.1 Domestic Market Drivers 7.2.2 Internationalization and Belt and Road Opportunities 7.3 SWOT Analysis of Chinese Chromatography Media Enterprises 7.4 Policy and External Trade Environment Analysis for China’s Chromatography Media Industry 7.4.1 Regulatory Authorities and Oversight System 7.4.2 Domestic Industrial Policies and Key Points of the 15th Five-Year Plan 7.4.3 Specialized Plans and Specific Policies for the Chromatography Media Industry 7.4.4 Impact of the International Trade Environment and China–U.S. Trade Frictions on the Chromatography Media Industry, and Response Strategies 8 Industry Supply Chain Analysis 8.1 Overview of the Chromatography Media Industry Value Chain 8.1.1 Supply Chain Analysis for the Chromatography Media Industry 8.1.2 Key Raw Materials and Their Supply Status 8.1.3 Major Downstream Customers in the Chromatography Media Industry 8.2 Procurement Models in the Chromatography Media Industry 8.3 Production Models in the Chromatography Media Industry 8.4 Sales Models and Distribution Channels in the Chromatography Media Industry 9 Profiles of Leading Global Chromatography Media Manufacturers 9.1 Cytiva 9.1.1 Cytiva: Basic Information, Chromatography Media Production Bases, Sales Regions, Competitors, and Market Position 9.1.2 Cytiva Chromatography Media: Product Specifications, Parameters, and Market Applications 9.1.3 Cytiva Chromatography Media: Sales Volume, Revenue, Pricing, and Gross Margin (2021–2026) 9.1.4 Company Profile and Core Business of Cytiva 9.1.5 Latest Corporate Developments of Cytiva 9.2 Ecolab 9.2.1 Ecolab: Basic Information, Chromatography Media Production Bases, Sales Regions, Competitors, and Market Position 9.2.2 Ecolab Chromatography Media: Product Specifications, Parameters, and Market Applications 9.2.3 Ecolab Chromatography Media: Sales Volume, Revenue, Pricing, and Gross Margin (2021–2026) 9.2.4 Company Profile and Core Business of Ecolab 9.2.5 Latest Corporate Developments of Ecolab 9.3 Merck 9.3.1 Merck: Basic Information, Chromatography Media Production Bases, Sales Regions, Competitors, and Market Position 9.3.2 Merck Chromatography Media: Product Specifications, Parameters, and Market Applications 9.3.3 Merck Chromatography Media: Sales Volume, Revenue, Pricing, and Gross Margin (2021–2026) 9.3.4 Company Profile and Core Business of Merck 9.3.5 Latest Corporate Developments of Merck 9.4 Thermo Fisher Scientific 9.4.1 Thermo Fisher Scientific: Basic Information, Chromatography Media Production Bases, Sales Regions, Competitors, and Market Position 9.4.2 Thermo Fisher Scientific Chromatography Media: Product Specifications, Parameters, and Market Applications 9.4.3 Thermo Fisher Scientific Chromatography Media: Sales Volume, Revenue, Pricing, and Gross Margin (2021–2026) 9.4.4 Company Profile and Core Business of Thermo Fisher Scientific