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

Formerly 'China Private Equity Investment' (ID: PE-China) Author: Wei Yajun Photography: Bob KKR (including 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 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—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 benchmarks 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 level significantly surpasses 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 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 more than 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 addressable market (TAM) will double—from USD 5 billion to USD 10 billion—with the market growing at double-digit annual rates. Ecolab expects the acquisition to lift organic sales growth for its global water business by 2 percentage points—and overall organic sales growth by 1 percentage point—in the first year post-closing. Starting in 2028 (excluding non-cash amortization), the transaction is projected 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. 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 to solve this pain point affecting high-performance computing users.

Industry Dynamics and In-Depth Outlook Report on Protein A Affinity Resins, 2026–2032

Key Summary • Estimated global sales volume in 2025: ~78,000 L; weighted EXW average price: ~USD 15,000/L • Europe accounts for ~31.0% of 2025 demand; North America ~30.5% • Agarose-based products represent ~73.0% of 2025 Protein A affinity resin sales volume • Engineered Protein A ligands account for ~89.0% of 2025 demand • Conventional monoclonal antibodies constitute ~82.0% of Protein A affinity resin consumption • Top five suppliers collectively account for ~68.0% of 2025 market value Global Protein A Affinity Resin Market • CAGR (2025–2032): 5.1% • Market size in 2032: RMB 1.1261 billion Market Overview • Market size (value) in 2025: RMB 795.6 million • Market size (value) in 2032: RMB 1.1261 billion • Compound Annual Growth Rate (CAGR): 5.1% • Study period: 2021–2032 • Base year: 2026 • Forecast period: 2026–2032 Protein A affinity resins are particulate affinity chromatography media used in downstream purification of biopharmaceuticals. They function by immobilizing natural, recombinant, or engineered Protein A ligands onto porous chromatographic matrices, enabling selective capture of antibodies and other biomolecules capable of binding Protein A. Commercial products employ diverse porous matrices—including agarose, synthetic polymers, and cellulose—with performance differences primarily reflected in dynamic binding capacity, particle structure, pressure-flow characteristics, alkali resistance, ligand leaching, and cycle lifetime. Industrial-grade Protein A affinity resins are typically supplied as bulk resin for packing chromatography columns, supporting applications across process development, clinical manufacturing, and commercial-scale production. Primary targets for purification include conventional monoclonal antibodies, bispecific antibodies, multispecific antibodies, polyclonal antibodies, Fc-fusion proteins, antibody fragments, and other proteins exhibiting Protein A-binding properties. Industry Trends Product evolution in Protein A affinity resins increasingly focuses on enhancing overall production efficiency across the entire usage lifecycle. Manufacturers continue improving dynamic binding capacity at short residence times, alkali resistance, matrix mechanical strength, and ligand stability—enabling customers to process larger antibody volumes using smaller chromatography columns and extending resin service life. Another key advancement involves ligand engineering to raise elution pH, thereby mitigating aggregation or structural instability observed in certain complex antibodies under conventional acidic elution conditions. Consequently, customers now place greater emphasis on total lifecycle productivity, cleaning stability, process consistency, and regulatory support—while the importance of comparing nominal binding capacity or unit purchase price has diminished. Market Segmentation Major Players: • Cytiva • Merck • Ecolab Group • Thermo Fisher Scientific • Tosoh Bioscience • JSR Life Sciences • Kaneka Corporation • Repligen Corporation • Avantor • Bio-Rad Laboratories • JNC Corporation • Bio-Works Technologies • Agarose Bead Technologies