M&A Deal Summary

Apollo Global Management and J.F. Lehman & Company Acquire Atlas Air

On August 4, 2022, asset manager Apollo Global Management and private equity firm J.F. Lehman & Company acquired aerospace company Atlas Air for 5.2B USD

Acquisition Highlights
  • This is Apollo Global Management’s 1st and J.F. Lehman & Company’s 4th transaction in the Aerospace sector.
  • This is Apollo Global Management’s 11th and J.F. Lehman & Company’s largest (disclosed) transaction.
  • This is Apollo Global Management’s 90th and J.F. Lehman & Company’s 39th transaction in the United States.
  • This is Apollo Global Management’s 5th and J.F. Lehman & Company’s 4th transaction in New York.

M&A Deal Summary

Date 2022-08-04
Target Atlas Air
Sector Aerospace
Buyer(s) Apollo Global Management
J.F. Lehman & Company
Deal Type Going Private
Deal Value 5.2B USD
Advisor(s) Morgan Stanley (Financial)
Cravath, Swaine & Moore (Legal)

Target

Atlas Air

Purchase, New York, United States
website
Atlas Air 747 in Ft. Lauderdale, Florida.
Atlas Air 747 in Ft. Lauderdale, Florida.
Atlas Air is a provider of aircraft and outsourced solutions to the global airfreight industry. It is the parent company of Atlas Air, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations. Atlas Air was formed in 1992 and is based in Purchase, New York.

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Buyer(S) 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 124 of 134
Sector (Aerospace) 1 of 2
Type (Going Private) 27 of 30
State (New York) 5 of 6
Country (United States) 90 of 98
Year (2022) 6 of 8
Size (of disclosed) 11 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-06 North Road

California, United States

North Road is a global, multi-genre studio that produces scripted, documentary, and non-scripted film and TV content across the United States and international markets. North Road was founded in 2022 and is based in California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-09 Qdoba Restaurant

San Diego, California, United States

Qdoba Restaurant operates and franchises fast-casual Mexican restaurants under the name Qdoba Mexican Grill. Qdoba Mexican Grill combines fresh ingredients with an innovative combination of sauces and marinades to create non-traditional, fast-casual Mexican fare. Qdoba Restaurant was founded in 1995 and is based in San Diego, California.

Sell -
Buyer

J.F. Lehman & Company

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 900M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

JF Lehman is a specialist private equity firm that targets investments in the defense, aerospace and maritime industries. JF Lehman looks for lower middle-market company opportunities with established products but that not may not be realizing their full potential. The Firm will only consider control based investment situations. J.F. Lehman was formed in 1992 and has offices in New York, London, and Washington DC.


DEAL STATS #
Overall 43 of 45
Sector (Aerospace) 4 of 4
Type (Going Private) 3 of 4
State (New York) 4 of 4
Country (United States) 39 of 41
Year (2022) 1 of 1
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-07 Narda-MITEQ

Hauppauge, New York, United States

Narda-MITEQ designs, engineers, and manufactures custom radiofrequency (“RF”) and microwave subsystems and components for defense and commercial end markets. Narda-MITEQ is based in Hauppauge, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-15 Lone Star Disposal

Houston, Texas, United States

Lone Star Disposal is a provider of construction and demolition (“C&D”) and municipal solid waste (“MSW”) disposal and related environmental services. The Company’s comprehensive service platform utilizes an asset base consisting of a C&D landfill, an MSW transfer station, a C&D recycling facility, and a C&D collection fleet. Lone Star Disposal is based in Houston, Texas.

Sell -