Netting 30 billion RMB in profit over three years, KKR is exiting 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 about 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 deal terms, this acquisition’s 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 multiple significantly exceeds typical M&A multiples seen in traditional industrial sectors. Clearly, the elevated valuation directly reflects the current frenzy surrounding AI infrastructure: as global tech giants race to build data centers to secure 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 ~USD 550 million annually. For comparison, Ecolab’s 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 total 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 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 costs—the deal is expected to accrete to adjusted earnings per share. To finance the acquisition, Ecolab will raise new debt specifically for this 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—were inspired by their local entrepreneurial ecosystem to reimagine computer cooling. According to company history, Sandy—a passionate gamer—faced severe GPU overheating issues that degraded his gaming experience. He approached Brydon for help, and the two began early experiments on a kitchen table to solve this pain point common among high-performance computing users. This 'basement R&D' phase lasted about three years. They tested various coolant-pumping methods and built numerous prototypes of early computer liquid cooling systems. In 2005, Geoff Lyon joined as CEO, bringing professional management expertise and strategic vision to the startup.

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

Regional Analysis North America is the largest chromatography media market in 2025, accounting for approximately 37% of global value—driven primarily by commercial biologics manufacturing, contract development and manufacturing organizations (CDMOs), and advanced therapy production. Europe accounts for roughly 32%, supported by a mature base of commercial biopharmaceutical customers and maintaining a relatively high proportion of high-value process media usage. China accounts for approximately 18% of global volume but only ~13% of global value—reflecting the lower average pricing of domestically produced media compared to established international premium products. The Asia-Pacific region excluding China accounts for about 13% of global value, with Japan, South Korea, India, and Southeast Asia collectively representing a fragmented yet growing demand for biopharmaceutical and pharmaceutical purification. Future incremental opportunities will stem largely from capacity expansions in China and the broader Asia-Pacific region, while North America and Europe remain core markets for high-end affinity media and strictly regulated commercial production. Report Scope This report reviews the supply and demand landscape for chromatography media globally and in China during the 14th Five-Year Plan period (2021–2025), and forecasts industry prospects based on strategic directions outlined in the 15th Five-Year Plan (2026–2035). During the 15th Five-Year Plan, China will prioritize high-quality development, accelerate the construction of a new development paradigm, foster new quality productive forces through technological innovation, and deepen digital transformation and green, low-carbon transitions. Within this framework, expanding domestic demand serves as a strategic cornerstone, and jointly building the Belt and Road Initiative (Belt and Road) remains a key platform for deepening international cooperation. This report comprehensively analyzes market structures across major global regions—including North America, Europe, and the Asia-Pacific—and focuses particularly on China’s demand potential and development opportunities along Belt and Road partner countries. It provides in-depth analysis of chromatography media production capacity, sales volume, revenue, and growth potential across major global regions—historical data covering 2021–2025 and forecasts extending through 2026–2032; and likewise analyzes China’s chromatography media production capacity, sales volume, revenue, and growth potential—also with historical data for 2021–2025 and forecasts for 2026–2032. This report emphasizes competitive dynamics within the chromatography media industry—including global market structure and domestic Chinese market structure—highlighting key metrics such as global leading manufacturers’ production capacity, sales volume, revenue, pricing, and market share; geographic distribution of global production bases; China’s import/export status for chromatography media; and industry consolidation activity. Additionally, the report offers detailed analysis of product segmentation, applications, regulatory policies, industry value chains, production models, sales models, favorable and unfavorable industry drivers, and market entry barriers.

Ecolab Posts 7% Organic Sales Growth as Global High-Tech Surges 63%, Sets 2027 Margin Target of 20%

1 day ago

Ecolab reported 7% organic sales growth in Q3 2026, fueled by a 63% surge in its High-Tech segment for data centers and microelectronics. It targets a 20% operating margin for 2027 despite commodity cost inflation.

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Ecolab Posts 7% Organic Sales Growth as Global High-Tech Surges 63%, Sets 2027 Margin Target of 20%

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