Apollo Global Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Apollo Global Management has acquired 11 companies. It has also invested in 5 others.

Apollo Global Management’s most common sectors for investment are financial services (8%) and retail (6%). The Firm’s most common investment types include going private (24%) and secondary buyout (23%). In total, Apollo Global Management has invested in 24 US states and 13 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Caesars Entertainment for $30.7B.

In the last 3 years, Apollo Global Management has exited 12 companies. The Firm’s most common exit type is secondary buyout (32%). Apollo Global Management’s largest (disclosed) exit occurred in 2017 when it sold CH2M for $3.3B.

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M&A Summary

  • M&A Total Activity123
    • M&A Buy Activity88
    • M&A Sell Activity35
  • Total Sectors Invested 37
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 55
  • M&A Advisors 29

Apollo Global Management LLC

9 West 57th Street, 43rd Floor,
New York, New York 10019
United States
(212) 515-3200
www.agm.com

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.


Investment Criteria

Sectors of Interest: Business Services, Chemicals, Communications, Consumer Products, Distribution, Environmental, Financial Services, Food, Gaming, Information Technology, Insurance, Leisure, Machinery, Media, Packaging, Plastics, Publishing, Retail, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (7.4/yr) # 51 11 8 6 10 2 88
vol $67.5B $26.5B $6.5B $5.6B $9.7B $115.8B
Sell (3.2/yr) # 19 2 2 6 5 1 35
vol $5.0B $3.3B $2.6B $970M $11.8B
  123

Most Recent M&A

Company Date Value Type
Expedia Group, Inc. 2020-04-23 - Stake Purchase
Seattle, Washington · www.expediagroup.com
Smart Foodservice Warehouse Stores LLC 2020-03-06 970M USD Add-on Acquisition
Clackamas, Oregon · www.smartfoodservice.com
Covis Pharma BV 2020-02-06 - Secondary Buyout
Baarn, Netherlands · www.covispharma.com
Cox Media Group, Inc. 2019-12-17 - Divestiture
Atlanta, Georgia · www.coxmediagroup.com
Tech Data Corp. 2019-11-13 5.4B USD Going Private
Clearwater, Florida · www.techdata.com
Endemol Shine Group 2019-10-26 - Add-on Acquisition
Amsterdam, Netherlands · www.endemolshinegroup.com
Gamenet SpA 2019-10-23 - Secondary Buyout
Roma, Italy · www.gamenet.it
Pegasus Optimization Managers LLC 2019-09-25 - Add-on Acquisition
College Station, Texas · www.pegasus15.com
CSV Midstream Solutions 2019-06-28 - Secondary Buyout
Calgary, Alberta · www.csvmidstream.com
Graanul Invest AS 2019-06-18 - Acquisition Financing
Tallinn, Estonia · www.graanulinvest.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Intrado Corp. 2017-05-09 Junction Networks, Inc. 2020-08-03 8
Omaha, Nebraska · www.intrado.com New York, New York · www.onsip.com
Aspen Insurance Holdings Ltd. 2018-08-27 Amynta Surety Solutions 2020-07-16 1
Hamilton, Bermuda · www.aspen.co Glastonbury, Connecticut
Cox Media Group, Inc. 2019-12-17 Cox Media Group, Inc. - Three Ohio Newspapers 2020-02-10 1
Atlanta, Georgia · www.coxmediagroup.com Atlanta, Georgia
Intrado Corp. 2017-05-09 Accent 2019-12-23 1
Omaha, Nebraska · www.intrado.com Omaha, Nebraska · www.onlineaccent.com
Rackspace Hosting, Inc. 2016-08-26 Onica Group LLC 2019-11-04 4
San Antonio, Texas · www.rackspace.com Santa Monica, California · www.onica.com
ClubCorp Holdings, Inc. 2017-07-09 Toll Brothers, Inc. - Seven Golf Clubs 2019-10-31 1
Dallas, Texas · www.clubcorp.com Horsham, Pennsylvania
MidCap Financial, LLC 2013-11-18 The PNC Financial Services Group, Inc. - Franchise Finance Business 2019-10-01 2
Bethesda, Maryland · www.midcapfinancial.com Pittsburgh, Pennsylvania
Graanul Invest AS 2019-06-18 Texas Pellet, Inc. 2019-06-18 1
Tallinn, Estonia · www.graanulinvest.com Woodville, Texas
Maxim Crane Works LP 2016-05-02 Shaughnessy & Ahern Crane Co. & S&A Cranes LLC 2019-05-03 4
Bridgeville, Pennsylvania · www.maximcrane.com Boston, Massachusetts · www.shaughnessyandahernco.com
McGraw-Hill Education, Inc. 2013-03-22 Cengage Learning, Inc. 2019-05-01 8
New York, New York · www.mheducation.com Independence, Kentucky · www.cengage.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 5 (9%) 282M (1%) 7 (8%) 349M (< 1%)
Retail 2 (4%) 2.5B (6%) 5 (6%) 7.1B (6%)
Business Services 5 (9%) 400M (1%) 5 (6%) 400M (< 1%)
Chemicals 2 (4%) 1.0B (2%) 4 (5%) 6.6B (6%)
Consumer Products 1 (2%) - 4 (5%) 2.6B (2%)
Insurance 3 (5%) - 4 (5%) 1.4B (1%)
Gaming 1 (2%) - 3 (3%) 30.7B (27%)
Safety/Security 2 (4%) - 3 (3%) 15.0B (13%)
Consumer Services 2 (4%) 1.6B (4%) 3 (3%) 10.1B (9%)
Internet Software and Services 3 (5%) 7.8B (19%) 3 (3%) 7.8B (7%)
Healthcare Services 3 (5%) 5.6B (13%) 3 (3%) 5.6B (5%)
Leisure 2 (4%) 3.3B (8%) 3 (3%) 4.0B (3%)
Media 2 (4%) 2.5B (6%) 3 (3%) 2.5B (2%)
Metals/Mining 1 (2%) - 3 (3%) 690M (1%)
Energy Services and Equipment 2 (4%) - 3 (3%) -
Information Technology 1 (2%) 4.3B (10%) 2 (2%) 4.3B (4%)
Manufacturing 2 (4%) 4.3B (10%) 2 (2%) 4.3B (4%)
Plastics - - 2 (2%) 2.3B (2%)
Restaurants 1 (2%) 305M (1%) 2 (2%) 1.3B (1%)
Building Materials 1 (2%) - 2 (2%) -
Education 1 (2%) - 2 (2%) -
Engineering 1 (2%) - 2 (2%) -
Machinery - - 2 (2%) -
Oil/Gas Exploration 1 (2%) - 2 (2%) -
Transportation 2 (4%) - 2 (2%) -
Distribution 1 (2%) 5.4B (13%) 1 (1%) 5.4B (5%)
Semiconductors 1 (2%) 2.0B (5%) 1 (1%) 2.0B (2%)
Franchising - - 1 (1%) 1.0B (1%)
Real Estate 1 (2%) 530M (1%) 1 (1%) 530M (< 1%)
Airlines 1 (2%) - 1 (1%) -
Communications 1 (2%) - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Food - - 1 (1%) -
Forest Products 1 (2%) - 1 (1%) -
Infrastructure 1 (2%) - 1 (1%) -
Life Science 1 (2%) - 1 (1%) -
Marketing 1 (2%) - 1 (1%) -
Total 55 $41.8B 88 $115.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 37 (67%) 34.7B (83%) 63 (72%) 107.2B (93%)
  California 4 (7%) 3.8B (9%) 8 (9%) 8.2B (7%)
  Texas 3 (5%) 5.4B (13%) 6 (7%) 6.3B (5%)
  New York 3 (5%) 2.5B (6%) 5 (6%) 2.5B (2%)
  Pennsylvania 3 (5%) - 5 (6%) 2.1B (2%)
  Ohio 3 (5%) 1.0B (2%) 4 (5%) 1.7B (1%)
  Connecticut 3 (5%) 400M (1%) 4 (5%) 400M (< 1%)
  Tennessee 3 (5%) 5.6B (13%) 3 (3%) 5.6B (5%)
  North Carolina 2 (4%) 1.4B (3%) 3 (3%) 1.4B (1%)
  Florida 1 (2%) 5.4B (13%) 3 (3%) 23.5B (20%)
  Colorado 1 (2%) 305M (1%) 3 (3%) 305M (< 1%)
  Washington 2 (4%) 1.6B (4%) 2 (2%) 1.6B (1%)
  Nevada 1 (2%) 2.2B (5%) 2 (2%) 32.9B (28%)
  Indiana 1 (2%) - 2 (2%) 2.3B (2%)
  Maryland 1 (2%) - 2 (2%) -
  Illinois - - 2 (2%) 4.9B (4%)
  Nebraska 1 (2%) 5.1B (12%) 1 (1%) 5.1B (4%)
  Virginia 1 (2%) - 1 (1%) -
  Minnesota 1 (2%) - 1 (1%) -
  Kansas 1 (2%) - 1 (1%) -
  Georgia 1 (2%) - 1 (1%) -
  Arizona 1 (2%) - 1 (1%) -
  New Jersey - - 1 (1%) 8.5B (7%)
  Missouri - - 1 (1%) -
  Michigan - - 1 (1%) -
United Kingdom 4 (7%) - 7 (8%) 1.4B (1%)
Netherlands 2 (4%) 2.0B (5%) 4 (5%) 2.0B (2%)
France 2 (4%) 3.9B (9%) 2 (2%) 3.9B (3%)
Italy 2 (4%) - 2 (2%) -
Australia 2 (4%) - 2 (2%) -
Bermuda 2 (4%) - 2 (2%) -
Switzerland 1 (2%) 975M (2%) 1 (1%) 975M (1%)
Slovenia 1 (2%) 282M (1%) 1 (1%) 282M (< 1%)
Estonia 1 (2%) - 1 (1%) -
Luxembourg 1 (2%) - 1 (1%) -
Spain - - 1 (1%) 68M (< 1%)
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Domestic 37 (67%) 34.7B (83%) 63 (72%) 107.2B (93%)
Cross-border 18 (33%) 7.1B (17%) 25 (28%) 8.5B (7%)
Total 55 $41.8B 88 $115.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 11 (20%) 24.8B (59%) 21 (24%) 87.6B (76%)
Secondary Buyout 14 (25%) 1.1B (3%) 20 (23%) 4.7B (4%)
Divestiture 10 (18%) 10.0B (24%) 14 (16%) 14.3B (12%)
Buyout (LBO, MBO, MBI) 7 (13%) 5.9B (14%) 12 (14%) 7.4B (6%)
Growth Capital 3 (5%) - 5 (6%) -
Special Situations/Distressed 2 (4%) - 4 (5%) 690M (1%)
Stake Purchase 3 (5%) - 4 (5%) -
Joint Venture 2 (4%) - 3 (3%) -
Recapitalization 1 (2%) - 2 (2%) -
Acquisition Financing 1 (2%) - 1 (1%) -
Consolidation - - 1 (1%) -
PIPE 1 (2%) - 1 (1%) -
Total 55 $41.8B 88 $114.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (34%) 2.7B (23%)
IPO 10 (29%) -
Trade Sale 5 (14%) 3.0B (25%)
Trade Sale - Public Company 4 (11%) 6.1B (52%)
Bankruptcy 2 (6%) -
Merger 2 (6%) -
Total 35 $11.8B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
10
Citigroup Investment Banking
7
Credit Suisse Investment Banking
7
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison LLP
21
Wachtell, Lipton, Rosen & Katz LLP
6
Morgan, Lewis & Bockius LLP
5

Deal Values

buy # Total
> $1B 25 $109.3B
$100M to $1B 10 $6.4B
< $100M 1 $68M
TOTAL $115.8B
Largest Caesars Entertainment Corp.
$30.7B (2008-01-01)
sell # Total
> $1B 4 $9.4B
$100M to $1B 3 $2.3B
TOTAL $11.8B
Largest CH2M, Inc.
$3.3B (2017-08-02)

M&A Connections

Deals %
Acquired from
PE Firm(s)
70%
32 70%
Strategic(s)
30%
14 30%
Exited to
PE Firm(s)
54%
13 54%
Strategic(s)
46%
11 46%

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