Ecolab to Acquire CoolIT Systems for Approximately $4.75 Billion

KKR Acquires CoolIT Systems

May 2, 2023

Manufacturing

KKR will acquire CoolIT Systems, a Calgary-based maker of scalable liquid cooling solutions for data centers, high-performance computing and desktop markets. The investment, led by KKR’s Global Impact strategy, will provide capital and resources to scale CoolIT’s manufacturing, expand product applications and meet rising demand for energy-efficient data center cooling solutions.

Jabil Acquires Mikros Technologies

October 3, 2024

Manufacturing

Jabil Inc. completed the acquisition of Mikros Technologies LLC on October 1 to add microchannel liquid cooling and thermal-management engineering and manufacturing capabilities. The deal expands Jabil’s portfolio for AI data centers, semiconductor test equipment, energy storage and electric-vehicle applications by integrating Mikros’s proprietary liquid-cold-plate technologies.

Ecolab Acquires Barclay Water Management

November 1, 2024

Environmental Services

Ecolab has acquired Barclay Water Management, a Newton, Massachusetts-based provider of water safety and digital monitoring solutions, including the proprietary iChlor Monochloramine System. The acquisition (closed November 1, 2024) establishes a new growth platform integrated with Ecolab’s ECOLAB3D digital monitoring capabilities; Barclay reported approximately $50 million in sales for 2023.

Ecolab Acquires Ovivo Electronics' Ultrapure Water Business

December 16, 2025

Environmental Services

Ecolab has closed its previously announced acquisition of Ovivo’s electronics ultrapure water business, providing technologies for semiconductor manufacturing. The deal creates an end-to-end platform for circular water management for microelectronics and AI-related customers, while the acquired business will remain headquartered near Basel, Switzerland and use the Ovivo brand.

Eaton Acquires Boyd Thermal From Boyd Corporation / Goldman Sachs Asset Management for $9.5 Billion

March 12, 2026

IT Services

Eaton announced it has completed (and previously agreed) to acquire the Boyd Thermal business from Boyd Corporation, with the Thermal business sold from Goldman Sachs Asset Management. The transaction strengthens Eaton’s data center “grid-to-chip” power and liquid-cooling infrastructure offering and is expected to be accretive to adjusted earnings in year two after closing.

Impact Climate Technologies Acquires Heat Transfer Systems of Georgia

January 15, 2026

HVAC & Mechanical

Impact Climate Technologies (ICT), an Ardian-backed HVAC holding company, has acquired Heat Transfer Systems of Georgia, an Alpharetta, Georgia-based provider of cooling towers, heat exchangers, boilers, water filtration and related HVAC equipment and services. The acquisition expands ICT’s presence in the Southeast and adds specialized thermal expertise to its platform; Heat Transfer Systems of Georgia will continue operating under its existing name and leadership.