Going Private • Distribution

Apollo Global Management and ADIA Acquire Univar Solutions

On March 14, 2023, asset manager Apollo Global Management and sovereign wealth fund ADIA acquired distribution company Univar Solutions for 8.1B USD

Acquisition Context
  • This is Apollo Global Management’s 2nd and ADIA’s 1st transaction in the Distribution sector.
  • This is Apollo Global Management’s 5th and ADIA’s 3rd largest (disclosed) transaction.
  • This is Apollo Global Management’s 95th and ADIA’s 7th transaction in the United States.
  • This is Apollo Global Management’s 8th and ADIA’s 2nd transaction in Illinois.

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M&A Deal Summary

Date March 14, 2023
Target Univar Solutions
Sector Distribution
Buyer(s) Apollo Global Management
ADIA
Deal Type Going Private
Deal Value 8.1B USD
Advisor(s) Goldman Sachs
Deutsche Bank Corporate & Investment Banking (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target Company

Univar Solutions

Downers Grove, Illinois, United States
Univar Solutions is a global chemical and ingredient distributor and a provider of value-added services to customers across a wide range of industries. Univar Solutions was founded in 1924 and is based in Downers Grove, Illinois.
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Buyers Overview 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B 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 Context for Buyer #
Overall 130 of 152
Sector: Distribution 2 of 3
Type: Going Private 28 of 31
State: Illinois 8 of 8
Country: United States 95 of 108
Year: 2023 2 of 8
Size (of disclosed) 5 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-16 Blume Global

Pleasanton, California, United States

Blume Global is a developer of software package connects asset owners and their users by hosting real time capacity from several major equipment programs spanning 120+ markets in North America. Blume Global was founded in 1994 and is based in Pleasanton, California.

Sell $414M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-03 Lottomatica

Rome, Italy

Lottomatica is an Italian gaming company, with products that include slot machines and video-lotteries. Lottomatica is based in Rome, Italy.

Sell -
Buyer

ADIA


Category Sovereign Wealth Fund
Founded 1976
PE ASSETS 875.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund that invests the Emirate of Abu Dhabi’s surplus revenues for long-term global value creation. Its investment mandate spans a highly diversified portfolio—including equities, fixed income, private equity, real estate, infrastructure, and financial alternatives—across all major regions worldwide. ADIA was established in 1976 and is headquartered in Abu Dhabi, United Arab Emirates.


Deal Context for Buyer #
Overall 13 of 17
Sector: Distribution 1 of 1
Type: Going Private 2 of 5
State: Illinois 2 of 2
Country: United States 7 of 8
Year: 2023 1 of 2
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-21 Merchants Fleet

Hooksett, New Hampshire, United States

Merchants Fleet is a fleet management company, enabling the movement of people, goods, and services freely and responsibly. From flexible funding, fleet acquisition, and fleet management to vehicle remarketing, fleet consulting, fleet electrification, and the power of cloud-based fleet management platform TotalView, Merchants serves as a single source for all fleet and mobility needs across more than 20 unique industries. Merchants Fleet was founded in 1962 and is based in Hooksett, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-20 Dechra Pharmaceuticals

Northwich, United Kingdom

Dechra Pharmaceuticals is an international specialist in veterinary pharmaceuticals and related products business. Its expertise is in development, manufacturing, sales, and marketing of quality products exclusively for veterinarians worldwide. Dechra Pharmaceuticals was founded in 1997 and is based in Northwich, United Kingdom.

Buy £4.5B