Olympus Partners Sells $513 Million of Accelevation's IPO and Keeps 85% of the Votes

A $720 million ask, mostly addressed to sellers

Accelevation launched its IPO roadshow on Tuesday↗: 30 million shares at $20 to $24, up to $720 million gross, Nasdaq ticker ACCV ¹. The Miamisburg, Ohio maker of data-center power, cooling and white-space gear, founded in 2017 by Michael and Shawn Rubiera, wants a valuation of up to $5.37 billion ¹². Investors have paid for this story all year, with data-center names Innio and Madison Air each raising more than $2.5 billion ¹.

Most of the money never reaches the factory

The filing splits the deal↗. Accelevation offers 8,635,165 shares; selling stockholders led by Olympus Partners offer 21,364,835, or 71% of it ³⁴. Across the range, that works out to $427 million to $513 million gross for the sellers against $173 million to $207 million for the company. The prospectus says it in one line: Accelevation "will not receive any of the proceeds" from the sellers' shares ³.

The company's own net proceeds, about $180 million at the $22 midpoint, go to repay debt, cover offering costs and fund general corporate purposes ⁴⁷. The credit agreement being repaid is dated 2 January 2025, the day Olympus bought the company↗ ³⁸. The underwriters' 30-day option covers 4.5 million more shares, every one from the sellers ³⁴.

What the new owners inherit

Olympus keeps about 85% of the voting power after listing, 83% if the option is exercised in full, leaving Accelevation a controlled company under Nasdaq rules ³. On the filing's counts, the 30 million shares on sale carry roughly 13% of the 223.6 million votes outstanding ³⁷.

The business underneath is real but concentrated. First-half revenue of $437.5 million nearly tripled from $158.6 million a year earlier and swung to $18.8 million of net income, backlog sits near $1.1 billion, and two customers provided 61% of last year's direct revenue ¹³. The range top prices that at roughly six times annualized first-half revenue, and a tax receivable agreement with Olympus entities is expected to require "substantial" cash payments ³.

The bull case, and the test

The trajectory is genuine: revenue grew 147% in 2025 ³⁶, and Forgent Power Solutions, which raised $1.74 billion in its February debut, trades about 40% higher ¹². Buyers are getting pickier about AI supply-chain names, weighing backlog quality and cash conversion over the label, said IPOX↗ ²⁵. The range is being read as a stress test of what the sector can still charge, in a fall market jolted by the first US rate hike in three years ²⁵.

Watch the print

Pricing is expected in the week of 28 September ⁶. The tell is blunt: if the deal clears at $24 and the sellers' option is fully used, Olympus-led holders collect about $621 million, and the company that builds the data centers collects none of it ³⁴.