M&A Deal Summary

Apollo Global Management and Athene Acquire Aqua Finance

On November 29, 2021, asset manager Apollo Global Management and Athene acquired financial services company Aqua Finance from The Blackstone Group for 1.0B USD

Acquisition Highlights
  • This is Apollo Global Management’s 7th and Athene’s 3rd transaction in the Financial Services sector.
  • This is Apollo Global Management’s 36th and Athene’s 2nd largest (disclosed) transaction.
  • This is Apollo Global Management’s 83rd and Athene’s 7th transaction in the United States.
  • This is Apollo Global Management’s 1st and Athene’s 1st transaction in Wisconsin.

M&A Deal Summary
Date 2021-11-29
Target Aqua Finance
Sector Financial Services
Buyer(s) Apollo Global Management
Athene
Sellers(s) The Blackstone Group
Deal Type Secondary Buyout
Deal Value 1.0B USD
Advisor(s) Goldman Sachs
Lazard Ltd. (Financial)
Weil Gotshal & Manges (Legal)

Target

Aqua Finance

Wausau, Wisconsin, United States
Aqua Finance is a specialist lending platform that originates and services consumer loans, primarily for home improvement and water treatment. The Company has strong and growing merchant relationships formed over 30 years. Aqua Finance was formed in 1985 and is based in Wausau, Wisconsin.

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Buyer(S) 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

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 116 of 140
Sector (Financial Services) 7 of 9
Type (Secondary Buyout) 23 of 30
State (Wisconsin) 1 of 1
Country (United States) 83 of 101
Year (2021) 18 of 20
Size (of disclosed) 36 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-19 Ventia Services

North Sydney, Australia

Ventia Services is a provider of infrastructure services. The company provides long-term operation, maintenance, and management of critical public and private assets and infrastructure across telecommunications, transport, local government, water, power generation, electricity, gas, healthcare, education, resources, and defense industries. Ventia Services was founded in 2015 and is based in North Sydney, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-10 Riverbed

San Francisco, California, United States

Riverbed is a provider of software for mobile computing applications services. Riverbed delivers application performance for the globally connected enterprise. It helps clients in implementing strategic initiatives such as virtualization, consolidation, cloud computing, and disaster recovery. Riverbed was founded in 2002 and is based in San Francisco, California.

Buy -
Buyer

Athene

Hamilton, Bermuda
Category Company
Founded 2008
Sector Insurance
Employees1,976
Revenue 28.2B USD (2023)
DESCRIPTION

Athene is a life insurance holding company focused principally on the retirement market and whose business, through its subsidiaries, is focused primarily on issuing or reinsuring fixed and equity indexed annuities. Athene was formed in 2008 and is based in Pembroke, Bermuda.

DEAL STATS #
Overall 10 of 11
Sector (Financial Services) 3 of 4
Type (Secondary Buyout) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 7 of 8
Year (2021) 3 of 4
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-18 Newfi Lending

Emeryville, California, United States

Newfi Lending is a national mortgage lender reshaping the borrowing experience through a combination of proprietary technology and product innovation. The company delivers a more efficient and transparent process resulting in lower costs and higher levels of customer satisfaction and trust. Newfi Lending was formed in 2014 and is based in Emeryville, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-20 Petros PACE

Austin, Texas, United States

Petros PACE Finance LLC is a provider of low-cost, long-term commercial PACE financing, which allows commercial property owners to retrofit their buildings with renewable energy and energy efficient systems by borrowing money from a private lender and repaying the loan via a special assessment on their local property tax. Petros PACE was fomred in 2010 and is based in Austin, Texas.

Buy -

Seller(S) 1

SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 159 of 173
Sector (Financial Services) 7 of 9
Type (Secondary Buyout) 19 of 21
State (Wisconsin) 1 of 1
Country (United States) 99 of 105
Year (2021) 15 of 16
Size (of disclosed) 40 of 57
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-18 Diamonds Direct

Charlotte, North Carolina, United States

Diamonds Direct offers loose and mounted diamonds, a multitude of engagement ring mountings by designers, diamond and gemstone fashion jewelry, wedding bands, pearls, and much more. Diamonds Direct was formed in 1995 and is based in Charlotte, North Carolina.

Sell $490M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 IRTH Solutions

Columbus, Ohio, United States

IRTH Solutions is a provider of software and services to the underground utility damage prevention industry. Irth's customers include blue-chip utilities, telcos, pipeline operators and municipalities. Irth's software enables its customers to receive underground construction activity notifications from One Call Centers electronically via irth’s software, replacing traditional fax and email delivery methods with electronic screen notifications efficiently and accurately using geographic information systems (GIS) to streamline the customer's ticket management process. IRTH Solutions was founded 9in 1985 and is based in Columbus, Ohio.

Buy -
Mergr

Product

Company

Legal