Olympus Partners took $360 million out of Accelevation's IPO, leaving $647.8 million of debt
The AI data center power builder priced below its marketed range and has slid since. Its books show $647.8 million of debt against $68.4 million of half-year adjusted EBITDA, and two of every three offering dollars going to sellers.
Vincent Jiang · 2 min read
The payout rides on Olympus selling down
Accelevation promised each of its more than 1,700 employees at least $100,000 for staying through the initial public offering, paid in five or six instalments over two years 1. The instalments arrive only as Olympus Partners sells down its stake 1. That is the deal in miniature: the money moves as the sponsor moves.
Two of every three dollars left with the sellers
The offering priced on September 29 at $18, below the marketed $20-to-$24 range, valuing the Miamisburg, Ohio maker of data center power gear near $4 billion 23. The company sold 10 million shares for about $180 million; Olympus-affiliated funds sold 20 million for about $360 million the company never touches 456.
The sellers took twice the company's cut; the debt topped both
Data
| Value | |
|---|---|
| Debt outstanding, 30 Jun | $647.8M |
| Selling stockholders | $360M |
| Company primary | $180M |
Revenue tripled while the cash went backwards
What the sellers left behind is what the market is repricing. Olympus bought control in January 2025 7; debt has since climbed from $94.1 million at the end of 2024 and $297.2 million at the end of 2025 to $647.8 million on June 30 89. Operating cash flow ran at minus $7.22 million in 2025 after a positive $10.75 million in 2024 10. Growth that consumed cash.
Debt went from $94 million to $648 million in 18 months
Data
| Debt outstanding | |
|---|---|
| Dec 2024 | $94.1M |
| Dec 2025 | $297.2M |
| Jun 2026 | $647.8M |
A $1.11 billion backlog against 4.7 turns of debt
The operations are inflecting anyway. First-half revenue reached $437.5 million against $158.6 million a year earlier, and adjusted EBITDA $68.4 million against $26.8 million 92. Backlog nearly tripled to $1.11 billion from $419.3 million at the end of 2025 9. On those figures, June debt runs at roughly 4.7 times annualized first-half EBITDA, and two customers carried about 61% of last year's direct revenue 2.
The factory floor answers back
The counterargument is physical: more than 1,700 people added in five years, manufacturing space grown from 20,000 square feet to about 1.1 million 1, net income positive in the first half 9, and a market the company sizes at $22 billion in 2025 rising to $80 billion by 2030, its own estimate 9. It competes with Vertiv, Schneider Electric and Eaton 2. Still, the $180 million primary, split between debt repayment, offering costs and general purposes, covers under a third of the June debt, and Olympus keeps roughly 85% of the vote 524.
Q3 decides it
The shares opened at $17.55, closed at $16.46 on October 5 and traded near $15.22 late on October 7, all below the $18 issue price 3102. The first report with third-quarter numbers decides the question: whether the backlog converts into operating cash before the debt schedule and the sponsor's selldown set the ceiling. The sellers were paid in September; the creditors are paid from here.
The stock has not traded above its $18 issue price since pricing
Data
| ACCV share price | |
|---|---|
| IPO open | $17.55 |
| Oct 5 close | $16.46 |
| Oct 7 late | $15.22 |
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
