Netting 30 billion RMB in profit over three years, KKR is preparing to exit again.

Recently, Ecolab Inc., a global leader in water treatment and sustainable development solutions, announced its definitive agreement to acquire CoolIT Systems—a developer of data center liquid cooling systems—for approximately USD 4.75 billion in cash (roughly RMB 32.8 billion). CoolIT Systems is currently majority-owned by funds managed by KKR. In May 2023, KKR—along with co-investors—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 exceeding traditional industrial sectors According to the terms of the deal, the valuation is notably 'expensive.' Reportedly, the USD 4.75 billion purchase price represents approximately 29x CoolIT’s projected adjusted EBITDA for the next 12 months—and 24x its projected adjusted EBITDA for fiscal year 2027. This valuation significantly exceeds typical multiples seen in traditional industrial M&A. Clearly, this elevated valuation directly reflects the extraordinary fervor surrounding the AI infrastructure sector: 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. According to data disclosed by Ecolab, CoolIT is expected to generate approximately USD 550 million in sales over the next 12 months, with an adjusted EBITDA margin of roughly 30%. This implies Ecolab is paying more than 8.6x revenue for a company generating about USD 550 million annually. By comparison, Ecolab’s own market capitalization stands at approximately USD 77.7 billion, with projected 2025 revenue of USD 16.08 billion—yielding a price-to-sales ratio of only ~4.8x. Upon completion, Ecolab’s total addressable market (TAM) for water-related solutions 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—and overall organic sales growth by one percentage point—in the first year post-closing. Starting in 2028 (excluding non-cash amortization expenses), the deal is expected to accrete to 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—were inspired by Calgary’s entrepreneurial ecosystem to reimagine computer cooling. According to company history, Sandy—a passionate gamer—was frustrated by overheating graphics cards that degraded his PC gaming experience. He approached Brydon for help, and the two began early experiments on a kitchen table to solve this pain point for high-performance computing users. This 'basement R&D' phase lasted about three years. They tested various methods of pumping coolant and built numerous early prototypes of computer liquid cooling systems. In 2005, Geoff Lyon joined as CEO, bringing professional management expertise and strategic vision to the startup.

China’s Water Industry Market Size Forecast and Analysis Report for the 15th Five-Year Plan (2026–2032).

12.10.1 Competitive Tiers of China’s Water Industry Across 31 Provinces and Municipalities 12.10.2 Comparative Competitiveness Analysis of Representative Provincial-Level Regions in China’s Water Industry Chapter 13: Development Pain Points and Transformation & Upgrading of China’s Water Industry 13.1 Revenue Status of China’s Water Industry 13.2 Profitability of China’s Water Industry 13.2.1 Analysis of Profit Scale in China’s Water Industry 13.2.2 Analysis of Profitability in China’s Water Industry 13.2.3 Comparative Analysis of Profit Levels in China’s Water Industry 13.3 Gross Margin Rankings of Chinese Water Enterprises 13.4 Development Pain Points and Challenges Facing China’s Water Industry 13.5 Optimization and Transformation & Upgrading Pathways for China’s Water Industry Structure 13.6 Overview of Industrial Structure Optimization and Transformation & Upgrading in China’s Water Industry 13.7 Ongoing Transformation & Upgrading: Industrial Structure Optimization in China’s Water Industry 13.7.1 Industrial Structure Optimization in China’s Water Industry—Capacity Replacement 13.7.2 Industrial Structure Optimization in China’s Water Industry—Increased Use of Alternative Raw Materials 13.7.3 Industrial Structure Optimization in China’s Water Industry—Enhanced Industrial Concentration 13.7.4 Industrial Structure Optimization in China’s Water Industry—Peak-Shaving Production 13.7.5 Industrial Structure Optimization in China’s Water Industry—Strengthened Industrial Chain Layout 13.7.6 Industrial Structure Optimization in China’s Water Industry—Expansion into International Markets 13.8 Ongoing Transformation & Upgrading: Intelligent Transformation & Upgrading of China’s Water Industry 13.8.1 Intelligent Transformation & Upgrading of China’s Water Industry—Policy Support 13.8.2 Intelligent Transformation & Upgrading of China’s Water Industry—Infrastructure Development 13.8.3 Intelligent Transformation & Upgrading of China’s Water Industry—Exemplary Cases 13.9 Ongoing Transformation & Upgrading: Low-Carbon/Green Transformation of China’s Water Industry 13.9.1 Low-Carbon/Green Transformation of China’s Water Industry—Policy Support 13.9.2 Low-Carbon/Green Transformation of China’s Water Industry—Exemplary Cases Chapter 14: Case Analyses of Typical Global and Chinese Water Enterprises 14.1 Overview and Comparative Analysis of Global and Chinese Water Enterprises 14.1.1 Comparative Analysis of Business Layouts of Key Global and Chinese Water Enterprises 14.1.2 Comparative Analysis of Operating Performance of Key Global and Chinese Water Enterprises 14.2 Case Analyses of Global Water Enterprises (listed in no particular order; specific enterprises may be designated) 14.2.1 Veolia Environnement (France) 1. Corporate Development History and Basic Information (1) Corporate Development History (2) Basic Corporate Information 2. Corporate Operating Performance 3. Corporate Business Architecture and Water Business Portfolio (1) Business Architecture (2) Water Business Portfolio 4. Global Market Presence and China Strategy of the Enterprise (1) Global Market Presence (2) China Strategy 14.2.2 Ecolab Inc. (USA) 1. Corporate Development History and Basic Information (1) Corporate Development History (2) Basic Corporate Information 2. Corporate Operating Performance 3. Corporate Business Architecture and Water Business Portfolio (1) Business Architecture (2) Water Business Portfolio 4. Global Market Presence and China Strategy of the Enterprise (1) Global Market Presence (2) China Strategy 14.2.3 Suez Environnement (France) 1. Corporate Development History and Basic Information (1) Corporate Development History

Ecolab Posts Strong Q2 Growth, Forecasts 13.9% EPS Rise and 12.6% Near-Term Upside

Sep 24, 2026

Ecolab Inc. reported strong Q2 2026 results with 9.7% net sales growth driven by High-Tech and Life Sciences segments. The company forecasts 13.9% annual EPS growth and maintains a $77.57 billion market cap with secure dividends.

Pluang

2026-08-05

International Flavors & Fragrances Q2 Earnings Miss Estimates, Sales Rise YoY

2026-09-11

Ecolab Reports Q2 2026 Earnings, Revenue Up 9.7%

2026-09-24

Ecolab Posts Strong Q2 Growth, Forecasts 13.9% EPS Rise and 12.6% Near-Term Upside

2026-09-26

PPG Industries Updates on Q2 Earnings, Leadership Changes, and Q3 2026 Results

Ecolab Posts Strong Q2 Growth, Forecasts 13.9% EPS Rise and 12.6% Near-Term Upside

FAQ