Miamisburg's Data Center Boom Company Went Public. Most of the Money Went to Its Owner.
Of $540 million raised, $341.1 million went to the private equity firm that bought Accelevation in 2025.
Accelevation, the Miami Township company that builds power and cooling equipment for data centers run by Amazon, Google, Meta, Microsoft and Oracle, began trading on Nasdaq Sept. 30 under the symbol ACCV. Its shares priced at $18, below the $20 to $24 range it had marketed, valuing the company at about $3.9 billion.
The offering raised $540 million, but most of it did not go to the company. Affiliates of Olympus Partners, the private equity firm that bought Accelevation in January 2025, received $341.1 million for 20 million shares they sold. The company's own $170.6 million is earmarked to pay down debt, according to its final prospectus. Olympus keeps about 85% of the voting power.
| Where the $540 million went | Amount | Share |
|---|---|---|
| Olympus Partners affiliates (selling shareholders) | $341.1 million | 63% |
| Accelevation (to pay down debt) | $170.6 million | 32% |
| Remainder: underwriting and other | $28.3 million | 5% |
Remainder computed by The Despoiler as the offering total minus the two amounts in the prospectus.
What Olympus keeps
The prospectus also describes a tax receivable agreement requiring the company to pay Olympus-controlled entities 85% of certain future tax savings, about $589.8 million over time under the company's own illustration.
Revenue grew from under $3 million in 2021 to $447.8 million in 2025, and the company reported a $1.1 billion order backlog as of June 30. Shares closed at $15.31 on Oct. 13, below the $18 offering price, according to StockAnalysis.
The prospectus does not say how many people Accelevation employs in the Dayton area or what those jobs pay.