Apollo Partners
   HOME

TheInfoList



OR:

Apollo Global Management, Inc. is an American
asset management firm An asset management company is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the company/firm provides more dive ...
that primarily invests in
alternative assets An alternative investment, also known as an alternative asset or alternative investment fund (AIF), is an investment in any asset class excluding capital stocks, bonds, and cash. The term is a relatively loose one and includes tangible a ...
. , the company had $548 billion of assets under management, including $392 billion invested in credit, including
mezzanine capital Mezzanine capital is a type of financing that sits between senior debt and equity in a company's capital structure. It is typically used to fund growth, acquisitions, or buyouts. Technically, mezzanine capital can be either a debt or equity ins ...
,
hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...
s,
non-performing loan A non-performing loan (NPL) is a bank loan that is subject to late repayment or is unlikely to be repaid by the borrower in full. Non-performing loans represent a major challenge for the banking sector, as they reduce profitability. They are ofte ...
s, and
collateralized loan obligation Collateralized loan obligations (CLOs) are a form of securitization where payments from multiple middle sized and large business loans are pooled together and passed on to different classes of owners in various tranches. A CLO is a type of colla ...
s, $99 billion invested in
private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...
, and $46.2 billion invested in real assets, which includes real estate and
infrastructure Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and pri ...
. The company invests money on behalf of
pension fund A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the ...
s,
financial endowment A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of Financial instrument, financial, real estate, or other investments for a specific purpose according to Donor intent, the will of its fo ...
s, and
sovereign wealth fund A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as ...
s, as well as other institutional and individual investors. Apollo was founded in 1990 by Leon Black, Josh Harris, and Marc Rowan, former investment bankers at the defunct
Drexel Burnham Lambert Drexel Burnham Lambert Inc. was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, i ...
. The company is headquartered in the
Solow Building The Solow Building, also known as 9 West 57th Street, is a skyscraper in the Midtown Manhattan neighborhood of New York City. Completed in 1974 and designed by Gordon Bunshaft of Skidmore, Owings & Merrill, it is west of Fifth Avenue between 57t ...
in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
, with offices across North America, Europe, and Asia. Founder and CEO Leon Black resigned as CEO in 2021 in the wake of sexual misconduct allegations and revelations that he had paid $158 million to
Jeffrey Epstein Jeffrey Edward Epstein ( , ; January 20, 1953August 10, 2019) was an American financier and child sex offender. Born and raised in New York City, Epstein began his professional career as a teacher at the Dalton School, despite lacking a col ...
. Among the most notable companies in which funds managed by the company have invested are
ADT Inc. ADT Inc., formerly the ADT Corporation, is an American security company that provides residential and small business electronic security, fire protection, and other related alarm monitoring services throughout the United States. The corporate h ...
,
CareerBuilder CareerBuilder is an American employment website founded in 1995 that operates in the United States, Canada, Europe, and Asia. CareerBuilder provides talent management software and other recruitment related services. The company is majority-owned ...
,
Cox Media Group CMG Media Corporation (doing business as Cox Media Group) is an American media conglomerate principally owned by Apollo Global Management in conjunction with Cox Enterprises, which maintains a 29% minority stake in the company. The company p ...
,
Intrado Intrado, formerly West Corporation, is an American telecommunications company. It was purchased by private equity firm Apollo Global Management on October 11, 2017. Business Operations Intrado is reorganized in five main segments: Cloud Coll ...
,
Legendary Entertainment Legendary Entertainment, LLC (also known as Legendary Pictures or simply Legendary) is an American mass media and film production company based in Burbank, California, founded by Thomas Tull. The company has often collaborated with the major stu ...
,
Rackspace Technology Rackspace Technology, Inc. is an American cloud computing company based in San Antonio, Texas. It also has offices in Blacksburg, Virginia, Blacksburg, Virginia and Austin, Texas, as well as in Australia, Canada, United Kingdom, India, Dubai, Sw ...
,
Redbox Redbox Automated Retail, LLC was an American video rental and streaming media company, based in Oakbrook Terrace, Illinois west of Chicago. Redbox specialized in automated DVD rental kiosks, and operated transactional and ad-supported streamin ...
,
Shutterfly Shutterfly, LLC. is an American photography, photography products, and image sharing company, headquartered in San Jose, California. The company is mainly known for custom photo printing services, including books featuring user-provided images, ...
,
Sirius Satellite Radio Sirius Satellite Radio was a satellite radio ( SDARS) service that operated in the United States and Canada. Sirius launched in 2002, and primarily competed with XM Satellite Radio, until the two services merged in 2008 to form Sirius XM. Li ...
, Qdoba,
Smart & Final Smart & Final is a chain of warehouse-style food and supply stores based in Commerce, California, which developed through a series of mergers and expansions. The oldest of the combined companies, Hellman, Haas & Co., was founded in 1871 in Lo ...
,
The Restaurant Group The Restaurant Group plc is a British chain of restaurants and public houses. Their principal trading brands are Wagamama and Barburrito. The Group also operates Pub restaurants and a Concessions business which trades principally at UK airports ...
,
University of Phoenix University of Phoenix (UoPX) is a Private university, private For-profit higher education in the United States, for-profit university headquartered in Phoenix, Arizona. Founded in 1976, the university confers certificates and degrees at the Ac ...
, and Yahoo Inc. In addition to its private funds, Apollo operates Apollo Investment Corporation (AIC), a US-domiciled
publicly traded A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...
, private-equity,
closed-end fund A closed-end fund (CEF), also known as a closed-end mutual fund, is an investment vehicle fund that raises capital by issuing a fixed number of shares at its inception, and then invests that capital in financial assets such as stocks and bonds. ...
and Business Development Company. AIC provides
mezzanine debt Mezzanine capital is a type of financing that sits between senior debt and equity in a company's capital structure. It is typically used to fund growth, acquisitions, or buyouts. Technically, mezzanine capital can be either a debt or equity ins ...
, senior
secured loan A secured loan is a loan in which the borrower Pledge (law), pledges some asset (e.g. a car or property) as collateral (finance), collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thu ...
s, and equity investments to
middle-market companies A middle-market or mid-market company is one that is larger than a small business and smaller than a big business. Different authorities use different metrics to compare company sizes — some look at revenue, others at either asset size or number ...
, including public companies, although it historically has not invested in companies controlled by Apollo's private-equity funds. In June 2024, Apollo Global Management ranked 29th in
Private Equity International ''Private Equity International'' (PEI) is a global insight, analysis and data provider for the private equity industry, with a core focus on the relationship between investors and fund managers: the LP- GP nexus. Launched in December 2001, the t ...
's PEI 300 ranking among the world's largest private equity firms.


History

Apollo, originally referred to as Apollo Advisors, was founded after the collapse of
Drexel Burnham Lambert Drexel Burnham Lambert Inc. was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, i ...
in 1990 by Leon Black, the former head of Drexel's mergers and acquisitions department, along with Josh Harris and Marc Rowan.
Tony Ressler Antony P. Ressler (born October 12, 1960) is an American businessman. He co-founded the private equity firms Apollo Global Management in 1990, and Ares Management in 1997. Ressler is also owner of the Atlanta Hawks basketball team, acquiring them ...
, another former senior Drexel executive, was also among the firm's original members. Within six months after the collapse of Drexel, Apollo launched Apollo Investment Fund L.P., the first of its private-equity investment funds, formed to make investments in distressed companies. Apollo raised around $400 million of investor commitments based on Leon Black's reputation as a prominent lieutenant of
Michael Milken Michael Robert Milken (born July 4, 1946) is an American financier. He is known for his role in the development of the market for High-yield debt, high-yield bonds ("junk bonds"), and his conviction and sentence following a guilty plea on felony ...
and a key player in the buyout boom of the 1980s. Lion Advisors (or Lion Capital) was founded in 1990 to provide investment services to Credit Lyonnais and foreign institutions, seeking to profit from depressed prices in the high-yield market. In 1992, Lion entered into a more formal arrangement to manage the $3 billion high-yield portfolio for Credit Lyonnais which together with a consortium of other international investors provided the capital for Lion's investment activities. Lion Advisors was replaced by
Ares Management Ares Management Corporation is a global alternative investment manager operating in the credit, private equity and real estate markets. The company was founded in 1997 with additional offices across North America, Europe, and Asia. As of Sep ...
.


1990s

At the time of Apollo's founding, little financing was available for new
leveraged buyout A leveraged buyout (LBO) is the acquisition of a company using a significant proportion of borrowed money (Leverage (finance), leverage) to fund the acquisition with the remainder of the purchase price funded with private equity. The assets of t ...
s and Apollo turned, instead, to a strategy of distressed-to-control takeovers. Apollo purchased
distressed securities In corporate finance, distressed securities are security (finance), securities over companies or government entities that are experiencing Financial distress, financial or operational distress, Default (finance), default, or are under bankruptcy. ...
, which could be converted into a controlling interest in the equity of the company through a bankruptcy reorganization or other restructuring. Apollo used distressed debt as an entry point, enabling the firm to invest in such firms as
Vail Resorts Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado. The company is divided among divisions that own and operate 42 mountain resorts in four countries, along with hotels, lodging, condominiums, and gol ...
, Walter Industries, Culligan, and
Samsonite Samsonite International S.A. is an American Baggage, luggage manufacturer and retailer, with products ranging from large suitcases to small toiletries bags and briefcases. The company was founded in 1910 in Denver, Colorado, Denver, Colorado, U ...
. Apollo acquired interests in companies that Drexel had helped finance by purchasing
high-yield bond In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit even ...
s from failed
savings and loan A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. While the terms "S&L" and "thrift" are mainly used in the United States, ...
s and insurance companies. Apollo acquired several large portfolios of assets from the U.S. government's
Resolution Trust Corporation Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company first run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets ...
. One of Apollo's earliest and most successful deals involved the acquisition of Executive Life Insurance Company's bond portfolio. Using this vehicle, Apollo purchased the Executive Life portfolio, profiting when the value of high-yield bonds recovered, but also resulting in a variety of state regulatory issues for Apollo and Credit Lyonnais over the purchase. In 1993, Apollo Real Estate Advisers was founded in collaboration with William Mack to seek opportunities in the U.S. property markets. In April 1993, Apollo Real Estate Investment Fund, L.P., the first in a family of real estate "opportunity funds", was closed with $500 million of investor commitments. In 2000, Apollo exited the partnership, which continued to operate as Apollo Real Estate Advisers until changing its name to AREA Property Partners effective January 15, 2009. That firm was then owned and controlled by its remaining principals, including William Mack, Lee Neibart, William Benjamin, John Jacobsson, Stuart Koenig, and Richard Mack. In 1995, Apollo raised its third private-equity fund, Apollo Investment Fund III, with $1.5 billion of investor commitments from investors that included
CalPERS The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families".CalPERSFa ...
and the
General Motors General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing f ...
pension fund. Fund III was only an average performer for private-equity funds of its vintage. Among the investments made in Fund III (invested through 1998) were: Alliance Imaging, Allied Waste Industries, Breuners Home Furnishings, Levitz Furniture,
Communications Corporation of America Communications Corporation of America (also known as ComCorp) was a broadcasting company in the United States that owned television stations in smaller markets. The company was headquartered in Lafayette, Louisiana. It owned and/or operated 20 st ...
,
Dominick's Dominick's was a Chicago-area grocery store chain and subsidiary of Safeway Inc. Dominick's distribution center was located in Northlake, Illinois, while its management offices were located in Oak Brook, Illinois. History Founding Dominick DiM ...
,
Ralphs Ralphs is an American supermarket Chain stores, chain in Southern California. The largest subsidiary of Cincinnati-based Kroger, it is the oldest such chain west of the Mississippi River. Kroger also operates stores under the Food 4 Less and Fo ...
(acquired Apollo's Food-4-Less), Move.com, NRT Incorporated, Pillowtex Corporation,
Telemundo Telemundo (; formerly NetSpan) is an American Spanish-language terrestrial television network owned by NBCUniversal Telemundo Enterprises, a division of NBCUniversal, which in turn is a wholly owned subsidiary of Comcast. It provides content ...
, and WMC Mortgage Corporation. Also in 1995, Apollo's founding partner Craig Cogut left the firm to found Pegasus Capital Advisors. Since its inception, Pegasus has raised $1.8 billion in four private-equity funds focused on investments in
middle-market companies A middle-market or mid-market company is one that is larger than a small business and smaller than a big business. Different authorities use different metrics to compare company sizes — some look at revenue, others at either asset size or number ...
in financial distress. In 1997,
Ares Management Ares Management Corporation is a global alternative investment manager operating in the credit, private equity and real estate markets. The company was founded in 1997 with additional offices across North America, Europe, and Asia. As of Sep ...
was founded by Antony Ressler and John H. Kissick, both partners at Apollo, as well as Bennett Rosenthal, who joined the group from the global leveraged finance group at
Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...
, to manage a $1.2 billion market value collateralized debt obligation vehicle. Ares I and II which were raised were structured as market value CLOs. Ares III-Ares X were structured as cash flow CLOs. In 2002, Ares completed a
corporate spin-off A corporate spin-off, also known as a spin-out, starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. It is distinct ...
from Apollo management. Although technically the founders of Ares had completed a spinout with the formation of the firm in 1997, they had maintained a close relationship with Apollo over its first five years and operated as the West Coast affiliate of Apollo. Shortly thereafter, Ares completed fundraising for Ares Corporate Opportunities Fund, a special-situations investment fund with $750 million of capital under management. In 1998, during the
dot-com bubble The dot-com bubble (or dot-com boom) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Interne ...
, Apollo raised Apollo Investment Fund IV with $3.6 billion of investor commitments. As of April 8, 2008, the fund had generated a 10% IRR net of fees. Among the investments made in Fund IV (invested through 2001) were: Allied Waste Industries,
AMC Entertainment AMC Entertainment Holdings, Inc. (doing business as AMC Theatres, originally an abbreviation for American Multi-Cinema; often referred to simply as AMC) is an American movie theater chain founded in Kansas City, Missouri, and now headquartered ...
,
Berlitz International Berlitz Corporation is a language education and leadership training company which is based in Princeton, New Jersey. The company was founded in 1878 by Maximilian Berlitz in Providence, Rhode Island in the United States. Berlitz Corporation is o ...
, Clark Retail Enterprises, Corporate Express ( Buhrmann), Encompass Services Corporation, National Financial Partners,
Pacer International Pacer International, also known as Pacer Stacktrain, is the former name of a major North American provider of intermodal services, was owned by XPO, Inc. (NYSE: XPO) which later sold it in 2022 to STG Logistics. With the acquisition of Pacer ...
,
Rent-A-Center Rent-A-Center is an American public furniture and electronics rent-to-own company based in Plano, Texas. The company was incorporated in 1986 and as of 2014 operates approximately 2,972 company-owned stores in the United States, Puerto Rico a ...
, Resolution Performance Products, Resolution Specialty Materials,
Sirius Satellite Radio Sirius Satellite Radio was a satellite radio ( SDARS) service that operated in the United States and Canada. Sirius launched in 2002, and primarily competed with XM Satellite Radio, until the two services merged in 2008 to form Sirius XM. Li ...
, SkyTerra Communications,
United Rentals United Rentals, Inc. is an American equipment rental company, with about 16 percent of the North American market share as of 2022. It owns the largest rental fleet in the world with approximately 4,700 classes of equipment totaling about $19.3 bi ...
, and
Wyndham Worldwide Travel + Leisure Co. (formerly Wyndham Destinations, Inc., and Wyndham Worldwide Corporation) is an American timeshare company headquartered in Orlando, Florida. It develops, sells, and manages timeshare properties under several vacation owners ...
.


2000–2005

In April 2001, Apollo raised Apollo Investment Fund V with $3.7 billion of investor commitments. As of April 8, 2008, the fund had generated a 54% IRR net of fees. Among the investments made in Fund V (invested through 2006) were
Affinion Group CXLoyalty (formerly Affinion Group and CUC) is a private company based in Stamford, Connecticut that provides customer engagement and loyalty programs. Affinion designs, markets, and services programs that deal with customer relationships for o ...
,
AMC Entertainment AMC Entertainment Holdings, Inc. (doing business as AMC Theatres, originally an abbreviation for American Multi-Cinema; often referred to simply as AMC) is an American movie theater chain founded in Kansas City, Missouri, and now headquartered ...
, Berry Plastics,
Cablecom UPC was the largest cable operator in Switzerland with around 1.1 million residential and business customers and was formed in 1994 through the merger of several cable operators. UPC has been a subsidiary of Liberty Global from 2005 until its disc ...
,
Compass Minerals Compass Minerals International, Inc is an American public company that, through its subsidiaries, is a leading producer of minerals, including salt, magnesium chloride and sulfate of potash. Based in Overland Park, Kansas; the company provides ...
,
General Nutrition Centers GNC Holdings, LLC (an initialism of General Nutrition Centers) is an American multinational retail and nutritional manufacturing company based in Pittsburgh, Pennsylvania. It specializes in health and nutrition related products, including vita ...
(GNC), Goodman Global, Hexion Specialty Chemicals ( Borden),
Intelsat Intelsat S.A. (formerly Intel-Sat, Intelsat) is a Luxembourgish-American multinational satellite services provider with corporate headquarters in Luxembourg and administrative headquarters in Tysons, Virginia, United States. Originally formed ...
, Linens 'n Things, Metals USA, Nalco Investment Holdings, Sourcecorp, Spectrasite Communications, and Unity Media. Although the founders of Ares had completed a
corporate spin-off A corporate spin-off, also known as a spin-out, starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. It is distinct ...
with the formation of the firm in 1997, they had initially maintained a close relationship with Apollo and operated as the West Coast affiliate of Apollo.. In 2002, when Ares raised its first corporate opportunities fund, the firm announced that it would separate from its former parent company. The timing of this separation also coincided with Apollo's legal difficulties with the State of California over its purchase of
Executive Life Insurance Company Executive Life Insurance Company (ELIC) was once the largest life insurance company in California. Its financial problems and subsequent insolvency in April 1991 shocked its policyholders and the financial world. At the time, First Executive was ...
in 1991. The same year,
Attorney General of California The attorney general of California is the state attorney general of the government of California. The officer must ensure that "the laws of the state are uniformly and adequately enforced" ( Constitution of California, Article V, Section 13). ...
Bill Lockyer William Westwood Lockyer (born May 8, 1941) is an American politician and lawyer from the state of California. A Democrat, he served in both houses of the state legislature, having been a member of the California State Assembly from 1973 to 19 ...
accused Leon and an investor group led by French bank
Credit Lyonnais Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...
of violating California law by having a foreign government-owned bank acquire the assets and bond portfolio of Executive Life Insurance. In April 2004, Apollo raised $930 million through an
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
for a listed business development company, Apollo Investment Corporation. In September 2004, investment funds managed by Apollo and Sterling Partners acquired
Connections Academy Connections Academy is a for-profit corporate provider of online school products and services to virtual schools for grades K-12, including full-time online school. In the United States the company is noted as Connections Academy, and for studen ...
. It was sold in 2011 for $400 million.


2005–2010

In 2005, Apollo formed Hexion Specialty Chemicals through the merger of
Borden, Inc. Borden, Inc., was an American producer of food and beverage products, consumer products, and industrial products. At one time, the company was the largest U.S. producer of dairy and pasta products. Its food division, Borden Foods, was based in C ...
, Resolution Performance Products LLC, and Resolution Specialty Materials, LLC, and the acquisition of Bakelite AG. Hexion announced in July 2007 that it was acquiring
Huntsman Corporation Huntsman Corporation is an American multinational manufacturer and marketer of chemical products for consumers and industrial customers. Huntsman manufactures assorted polyurethanes, performance products, and adhesives for customers like BMW, ...
, a major specialty-chemicals company, in a $6.5 billion leveraged buyout. Hexion announced in June 2008 it would refuse to close the deal, prompting a series of legal actions. The transaction was terminated in December after a settlement between Hexion and Huntsman, wherein they were required to pay Huntsman $1 billion to drop fraud charges. Between 2005 and 2007, the private equity market was booming. Among Apollo's most notable investments during this period were
Harrah's Entertainment Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven go ...
,
Norwegian Cruise Line Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami, Florida, and incorporated in the Bahamas. It is the List of cruise lines, fourth-largest cruise line in the world by passengers, controlling ...
, Claire's Stores, and
Realogy Anywhere Real Estate Inc., formerly Realogy (), is an American publicly traded real estate services company. It owns and franchises several real estate brands and brokerages, and offers consumer programs, lead generation, relocation, and tit ...
. In 2006, Apollo acquired Rexnord Corporation for $1.825 billion, Berry Plastics for $2.25 billion, Momentive Performance Materials for approximately $3.8 billion, and TNT N.V. for $1.9 billion. In August 2006, Apollo launched a $2 billion vehicle in Europe, AP Alternative Assets. It was a
Guernsey Guernsey ( ; Guernésiais: ''Guernési''; ) is the second-largest island in the Channel Islands, located west of the Cotentin Peninsula, Normandy. It is the largest island in the Bailiwick of Guernsey, which includes five other inhabited isl ...
-domiciled publicly traded, private-equity closed-end, limited partnership, managed by Apollo Alternative Assets, an affiliate of Apollo Management. Apollo initially attempted to raise $2.5 billion for the public vehicle, but fell short when it offered the shares in June 2006, raising only $1.5 billion. Apollo raised an additional $500 million via private placements in the weeks following that sale. AAA was formed to invest alongside Apollo's main private-equity funds and hedge funds. AAA's investment portfolio was made up of a mix of private-equity and capital-markets investments. It was liquidated in 2020. In October 2006, Apollo announced a $990 million leveraged buyout of Jacuzzi Brands, a manufacturer of whirlpool baths. In 2006, Apollo acquired
International Paper The International Paper Company is an American pulp and paper company, the largest such company in the world. It has approximately 39,000 employees, and is headquartered in Memphis, Tennessee. History The company was incorporated January 31 ...
's
coated paper Coated paper (also known as enamel paper, gloss paper, and thin paper) is paper that has been coated with a mixture of materials or a polymer to impart certain qualities to the paper, including weight, surface gloss, smoothness, or reduced ink ab ...
and supercalendered paper business for $1.4 billion, renaming the business Verso Paper. Verso is the second-largest producer of the North American magazine publishing and catalog/commercial print markets. In May 2008, Verso became a
public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...
via an IPO. In February 2007, Apollo acquired
Oceania Cruises Oceania Cruises is a cruise line based in Miami, Florida, that operates seven cruise ships on worldwide itineraries. It typically offers cruises that last between 10 and 14 days, but it is also known for its long cruises lasting up to 195 day ...
for $850 million and provided additional capital to fund the expansion of the company with the purchase of two new cruise ships.! In February 2007, Apollo announced the acquisition of the
Smart & Final Smart & Final is a chain of warehouse-style food and supply stores based in Commerce, California, which developed through a series of mergers and expansions. The oldest of the combined companies, Hellman, Haas & Co., was founded in 1871 in Lo ...
chain of warehouse-style food and supply stores. In June 2007, Smart & Final completed the acquisition of the Henry's Marketplace chain of "
farmers market A farmers' market (or farmers market according to the AP stylebook, also farmer's market in the Cambridge Dictionary) is a physical retail marketplace intended to sell foods directly by farmers to consumers. Farmers' markets may be indoors or ...
" style food retailers from Wild Oats Markets as part of that company's acquisition by
Whole Foods Market Whole Foods Market, Inc. (colloquially referred to as simply Whole Foods) is an American multinational supermarket chain store, chain headquartered in Austin, Texas, which sells products free from Hydrogenated fat, hydrogenated fats and artificia ...
. In 2011, the Henry's chain was merged with
Sprouts Farmers Market Sprouts Farmers Market, Inc., is a supermarket chain headquartered in Phoenix, Arizona. The grocer offers a wide selection of natural and organic foods, including fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat, poul ...
, which, like the Henry's markets, had been founded by Henry Boney. In March 2007, Apollo announced the $3.1 billion leveraged buyouts of costume jewelry retailer Claire's Stores. In 2008, Claire's experienced financial difficulty amid the slump in consumer spending. In April 2007, Apollo acquired Noranda Aluminum, the US aluminum business of
Xstrata Xstrata plc was an Anglo-Swiss Multinational corporation, multinational mining company headquartered in Zug, Switzerland and with its registered office in London, United Kingdom. It was a major producer of coal (and the world's largest exporter o ...
for $1.15 billion. Noranda Aluminum includes a primary smelter and three rolling mills in Tennessee, North Carolina, and Arkansas along with other operations. In April 2007, Apollo acquired
Realogy Anywhere Real Estate Inc., formerly Realogy (), is an American publicly traded real estate services company. It owns and franchises several real estate brands and brokerages, and offers consumer programs, lead generation, relocation, and tit ...
, a franchisor that owns Coldwell Banker, Century 21, and Sotheby's International Realty, for $8.5 billion. As the
United States housing market correction United States housing prices experienced a major market correction after the 2000s United States housing bubble, housing bubble that Timeline of the 2000s United States housing bubble, peaked in early 2006. Prices of real estate then adjusted down ...
accelerated in 2008, Realogy faced financial pressures due to its debt load. In November 2008, Realogy launched an exchange offer for a portion of its debt to provide additional flexibility, prompting a lawsuit from
Carl Icahn Carl Celian Icahn (; born February 16, 1936) is an American businessman and investor. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, ...
. In 2013, Apollo sold out of this investment, making a profit of $1.3 billion. In May 2007, Apollo acquired
Countrywide plc Countrywide is one of the UK's largest integrated property services group including residential property surveying, a collaboration of estate agents, and corporate services. It employs circa 8,500 personnel nationwide, working across 650+ esta ...
, a provider of residential property-related services in the UK, formerly known as Hambro Countrywide (1988) and Countrywide Assured Group (1998) for $1.05 billion (not related to
Countrywide Financial Countrywide is one of the UK's largest integrated property services group including residential property surveying, a collaboration of estate agents, and corporate services. It employs circa 8,500 personnel nationwide, working across 650+ estate ...
). In November 2007, the company sold 9% of itself to the
Abu Dhabi Investment Authority The Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates, founded to invest funds on behalf of the Government of Abu Dhabi. It manages the emirate's excess oil reserves a ...
. In January 2008, Apollo and
TPG Capital TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm in ...
acquired
Harrah's Entertainment Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven go ...
for $27.4 billion, including the assumption of existing debt. In January 2008, Apollo invested $1 billion in
Norwegian Cruise Line Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami, Florida, and incorporated in the Bahamas. It is the List of cruise lines, fourth-largest cruise line in the world by passengers, controlling ...
to support a recapitalization of the company's balance sheet. In December 2018, Apollo cashed out of this investment. In February 2008, Apollo acquired
Regent Seven Seas Cruises Regent Seven Seas Cruises (RSSC), formerly known as Radisson Seven Seas Cruises, is a luxury cruise line headquartered in Miami, Florida, United States. Since September 2014, Regent Seven Seas Cruises has been a wholly owned subsidiary of Norwegi ...
from
Carlson Companies Carlson is an American privately held company headquartered in Minnetonka, Minnesota, United States. Its primary subsidiary is Carlson Private Capital Partners, a family office that manages the owners' wealth. It previously held interests in hote ...
for $1 billion. Following the purchase, Apollo ordered a new ship for Regent. In April 2008, Apollo,
TPG Capital TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm in ...
, and
The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson, Peter Peterson and Stephen A. Schwarzman, Stephen Schwarzman, who h ...
acquired $12.5 billion of bank loans from
Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
. The portfolio comprised primarily senior secured loans that had been made to finance leveraged-buyout transactions at the peak of the market. Citigroup had been unable to syndicate the loans before the onset of the credit crunch. The loans were reported to have been sold in the "mid-80 cents on the dollar" relative to face value. In late 2008, Apollo received
margin call ''Margin Call'' is a 2011 American drama film written and directed by J. C. Chandor in his feature directorial debut. The principal story takes place over a 24-hour period at a large Wall Street investment bank during the initial stages of the ...
s associated with the financing of its purchase of certain loan portfolios as the values of the loans decreased. In April 2008, Apollo filed a
Form S-1 Form S-1 is an SEC filing used by companies planning on going public to register their securities with the U.S. Securities and Exchange Commission (SEC) as the "registration statement by the Securities Act of 1933". The S-1 contains the basic ...
with the
U.S. Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
in preparation for an IPO on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
. In May 2008, Apollo invested in Vantium, a company that buys residential mortgage assets as part of a strategy to profit from the
United States housing market correction United States housing prices experienced a major market correction after the 2000s United States housing bubble, housing bubble that Timeline of the 2000s United States housing bubble, peaked in early 2006. Prices of real estate then adjusted down ...
. In July 2008, the company closed a $758 million value-add fund. Also in 2008, Apollo opened an office in
India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...
, its first office in Asia. During the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, several of Apollo's investments came under pressure. Apollo's 2005 investment in the struggling US retailer Linens 'n Things suffered from a significant debt burden and softening consumer demand. In May 2008, Linens filed for bankruptcy protection, costing Apollo all of its $365 million investment in the company. In 2009, the company was sued by a noteholder claiming mismanagement. Apollo exercised its " PIK toggle" option at Claire's to shut off cash interest payments to its bondholders and instead issue more debt, to provide the company with additional financial flexibility. In December 2008, Apollo completed fundraising for its latest fund, Apollo Investment Fund VII, with roughly $14.7 billion of investor commitments. Apollo had been targeting $15 billion, but had been in fundraising for more than 16 months, with the bulk of the capital raised in 2007. In November 2009, Liberty Global acquired Unity Media GMBH; funds managed by Apollo owned a 31% interest. In December 2009, Apollo announced the acquisition of
Cedar Fair Entertainment Company Cedar Fair Entertainment Company, or simply Cedar Fair, was an American company headquartered at its flagship Cedar Point amusement park in Sandusky, Ohio, United States. The company was a publicly traded master limited partnership that origina ...
for $635 million and assumed debt valuing the company at $2.4 billion. In April 2010, the deal was terminated due to poor shareholder response.


2011–2017

In January 2011, Apollo acquired 51% of Alcan Engineered Products from
Rio Tinto Group Rio Tinto Group is a British-Australian multinational company that is the world's second largest metals and mining corporation (behind BHP). It was founded in 1873 when a group of investors purchased a mine complex on the Río Tinto, in Hu ...
. On March 29, 2011, Apollo became a
public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...
via an IPO. In June 2011, Apollo acquired CKx. In March 2012, Apollo acquired the unprofitable Great Wolf Resorts for $703 million. In November 2012, Apollo acquired
McGraw-Hill Education McGraw Hill is an American education science company that provides educational content, software, and services for students and educators across various levels—from K-12 to higher education and professional settings. They produce textbooks, ...
for $2.5 billion. In 2013, Apollo acquired
Pitney Bowes Pitney Bowes Inc. is an American technology company most known for its postage meters and other mailing equipment, services, and other technologies. The company was founded by Arthur Pitney, who invented the first commercially available postage m ...
Management Services (PBMS) for $400 million. From PBMS, Apollo formed Novitex Enterprise Solutions. Novitex is a document-outsourcing provider that manages business-critical services for over 500 companies across 10 industries. In 2017, it was merged into Exela Technologies. On March 11, 2013, Apollo Global Management made the only bid for the snacks business of
Hostess Brands Hostess Brands Inc. is an American bakery company formed in 2013. Its main operating subsidiaries are Hostess Brands, LLC, and Voortman Cookies Limited. The company owns several bakeries in the United States that produce snack cakes under the ...
, including
Twinkies The Twinkie is an American snack cake, described on its packaging as "golden sponge cake with a creamy filling". It was formerly made and distributed by Interstate Bakeries, Hostess Brands. The brand is currently owned by Hostess Brands, Hostess ...
, for $410 million. In December 2013, Apollo bought a portfolio of Irish home loans from
Lloyds Bank Lloyds Bank plc is a major British retail banking, retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the "Big Four (banking)#England and Wales, Big Four" clearing house ...
for €307 million, less than half their face value. The shares were bought by an Apollo Global Management subsidiary, Tanager Limited. In January 2014, Apollo acquired
Chuck E. Cheese's Chuck E. Cheese (formerly known as Chuck E. Cheese's Pizza Time Theatre, Chuck E. Cheese's Pizza, and simply Chuck E. Cheese's) is an American entertainment restaurant chain founded in May 1977.Endemol Endemol B.V. (stylized in all lowercase) was a Dutch-based media company that produced and distributed multiplatform entertainment content. The company annually produced more than 15,000 hours of programming across scripted and non-scripted gen ...
television studio with
21st Century Fox Twenty-First Century Fox, Inc., which did business as 21st Century Fox, was an American multinational mass media and entertainment conglomerate based in Midtown Manhattan, New York City. It was formed on June 28, 2013, as the legal successor ...
's Shine Group. The merged company became
Endemol Shine Group Endemol Shine Group B.V. (stylized as EndemolShineGroup) was a Dutch production and distribution company of scripted and non-scripted content, responsible for programmes such as '' Big Brother'', '' Deal or No Deal'', '' The Money Drop'', '' Fe ...
, with AGM and Fox each owning half of the studio. In May 2015,
Centerbridge Partners Centerbridge Partners, L.P. is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities. The firm manages over $56 billion of assets
acquired Great Wolf Resorts from Apollo for $1.35 billion. In June 2015, Apollo agreed to acquire
OM Group Vectra is a private metal-based chemistry firm based in St. Louis, Missouri, United States. It is a provider of speciality chemicals, advanced materials and technologies. The company was listed on the New York Stock Exchange prior to being priva ...
for $1.03 billion. Also in June 2015, Apollo won the bidding during an auction for
Saint-Gobain Compagnie de Saint-Gobain S.A. () is a French multinational corporation, founded in 1665 in Paris as the Manufacture royale de glaces de miroirs, and today headquartered on the outskirts of Paris, at La Défense and in Courbevoie. Originally a ...
's Verallia glass bottle-manufacturing unit for €2.95 billion. In February 2016, Apollo agreed to acquire
The ADT Corporation ADT Inc., formerly the ADT Corporation, is an American security company that provides residential and small business electronic security, fire protection, and other related alarm monitoring services throughout the United States. The corporate h ...
for $6.9 billion. In April 2016, Apollo executive Stephanie Drescher donated $1000 to the presidential campaign of
John Kasich John Richard Kasich Jr. ( ; born May 13, 1952) is an American politician and author who was the 69th governor of Ohio from 2011 to 2019, a member of the U.S. House of Representatives from 1983 to 2001, and a Republican candidate for the pre ...
, then Ohio governor. As governor, Kasich appointed a member to the Ohio state pension board. This donation violated an SEC pay-to-play pension rule. In 2019, the SEC chose not to enforce the rule. In June 2016, funds managed by Apollo Global Management acquired
Diamond Resorts International Diamond Resorts is a wholly owned subsidiary of Hilton Grand Vacations. Diamond Resorts was an independent timeshare and vacation ownership company until it was purchased by HGV in 2021. Following the purchase, Diamond's resorts became part of HGV ...
. It was sold to
Hilton Worldwide Hilton Worldwide Holdings Inc. is an American multinational hospitality company that manages and franchises a broad portfolio of hotels, resorts, and timeshare properties. Founded by Conrad Hilton in May 1919, the company is now led by Chris ...
in August 2021. In November 2016, investment funds managed by Apollo acquired
Rackspace Rackspace Technology, Inc. is an American cloud computing company based in San Antonio, Texas. It also has offices in Blacksburg, Virginia, Blacksburg, Virginia and Austin, Texas, as well as in Australia, Canada, United Kingdom, India, Dubai, Sw ...
. In 2016, investment funds managed by Apollo acquired
Constellis Constellis, formerly Blackwater, is an American private military contractor founded on December 26, 1997, by former Navy SEAL officer Erik Prince. It was renamed Xe Services in 2009, and was again renamed to Academi in 2011, after it was acqu ...
for $1 billion. Constellis is a private military contractor that was created as a result of a merger between rival contractors
Triple Canopy Triple Canopy, Inc., is an American private security company and private military company (PMC) that provides armed security, mission support, and risk management services to corporate and government clients. The firm was founded in May 2003 by ...
and
Academi Constellis, formerly Blackwater, is an American private military contractor founded on December 26, 1997, by former Navy SEAL officer Erik Prince. It was renamed Xe Services in 2009, and was again renamed to Academi in 2011, after it was acqui ...
in 2014. Academi, founded by
Erik Prince Erik Dean Prince (born June 6, 1969) is an American businessman, investor, author, and former U.S. Navy SEAL officer, and the founder of the private military company Blackwater. He served as Blackwater's CEO until 2009 and as its chairman u ...
and formerly known as Blackwater USA, is best known for its role in the
Nisour Square massacre The Nisour Square massacre occurred on September 16, 2007, when employees of Blackwater Security Consulting (now Constellis), a private military company contracted by the United States government to provide security services in Iraq, shot at ...
, where Blackwater guards killed 17 Iraqi civilians and injured 20. In February 2017,
Apollo Education Group Apollo Education Group, Inc. is an American corporation based in the South Phoenix area of Phoenix, Arizona, with an additional corporate office in Chicago, Illinois. It is privately-owned by a consortium of investors including The Vistria Grou ...
, the parent company of the
University of Phoenix University of Phoenix (UoPX) is a Private university, private For-profit higher education in the United States, for-profit university headquartered in Phoenix, Arizona. Founded in 1976, the university confers certificates and degrees at the Ac ...
, was acquired by investment funds managed by Apollo and the Vistria Group, for $1.14 billion. In June 2017, investment funds managed by Apollo acquired 80.1% of
Philips Koninklijke Philips N.V. (), simply branded Philips, is a Dutch multinational health technology company that was founded in Eindhoven in 1891. Since 1997, its world headquarters have been situated in Amsterdam, though the Benelux headquarter ...
Lumileds division for $1.5 billion. In October 2017, Apollo acquired West Corp for about $2 billion. In November 2017, Apollo lent $184 million to Kushner Companies to refinance the mortgage on a Chicago skyscraper.


2018–2019

In March 2018, Apollo acquired the Mexican-style restaurant chain Qdoba from
Jack in the Box Jack in the Box, Inc. is an American fast food restaurant chain founded on February 21, 1951, by Robert O. Peterson in San Diego, California, where it is headquartered. The chain has over 2,200 locations, primarily serving the West Coast of t ...
. In June 2018, funds managed by Apollo and
Värde Partners Värde Partners (Värde) is an American alternative investment management firm headquartered in Minneapolis, Minnesota. The firm focuses on investments in credit-related assets and distressed securities although it has also expanded into other ...
acquired a majority of OneMain Financial. Also in June 2018, Apollo acquired healthcare provider LifePoint Health for $5.6 billion. Following the acquisition, LifePoint merged with Apollo's RCCH HealthCare Partners. In October 2018, funds managed by Apollo Global Management acquired a portfolio of $1 billion in energy investments from GE Capital's Energy Financial Services unit. In February 2019, AGM was in talks to buy
Nexstar Media Group Nexstar Media Group, Inc. is an American publicly traded media company with headquarters in Irving, Texas, Midtown Manhattan, and Chicago. The company is the largest television station owner in the United States, owning 197 television station ...
for over $1 billion. However, on February 14, 2019,
Cox Media Group CMG Media Corporation (doing business as Cox Media Group) is an American media conglomerate principally owned by Apollo Global Management in conjunction with Cox Enterprises, which maintains a 29% minority stake in the company. The company p ...
announced that it was selling its 14 television stations to Apollo. In March 2019 filings with the
Federal Communications Commission The Federal Communications Commission (FCC) is an independent agency of the United States government that regulates communications by radio, television, wire, internet, wi-fi, satellite, and cable across the United States. The FCC maintains j ...
(FCC), Apollo disclosed that, through the newly formed Terrier Media, the Cox stations would be acquired for $3.1 billion (to be reduced by the value of a minority equity stake in Terrier that will be retained by
Cox Enterprises Cox Enterprises, Inc. is an American private company, privately held global conglomerate (company), conglomerate headquartered in Atlanta, Georgia, United States, with approximately 55,000 employees and $21 billion in total revenue. Its major ope ...
); Terrier will also concurrently acquire
Northwest Broadcasting Northwest Broadcasting, Inc. was a television broadcasting company based in Okemos, Michigan, United States, a suburb of Lansing. The broadcasting group owned or operated twelve television stations in six markets, through subsidiaries such as Br ...
, giving the company 25 television stations. On June 26, 2019, Cox announced that its 60 radio stations, as well as its national advertising business CoxReps, and local OTT advertising agency Gamut, would also be acquired by the new company, which concurrently announced that it would retain the Cox Media Group name instead of Terrier Media. On February 10, 2020, Cox Enterprises bought back the Ohio newspapers it sold to AGM. The FCC required Apollo to reduce the daily newspapers to three days or sell them. In February 2019, Apollo acquired Aspen Insurance for $2.6 billion. On April 16, 2019, Apollo announced that it would once again acquire
Smart & Final Smart & Final is a chain of warehouse-style food and supply stores based in Commerce, California, which developed through a series of mergers and expansions. The oldest of the combined companies, Hellman, Haas & Co., was founded in 1871 in Lo ...
for $1.1 billion. On June 10, 2019, Apollo announced that it would acquire
Shutterfly Shutterfly, LLC. is an American photography, photography products, and image sharing company, headquartered in San Jose, California. The company is mainly known for custom photo printing services, including books featuring user-provided images, ...
for $2.7 billion, as well as its competitor
Snapfish Snapfish is a web-based photo sharing and photo printing service owned by Shutterfly headquartered in San Jose, California. It was launched in 1999 by Rajil Kapoor, Bala Parthasarathy, Suneet Wadhwa, and Shripati Acharya. History Snapfish was ...
in a separate transaction valued at around $300 million, with District Photo as a minority stakeholder. In August 2019, Apollo agreed to provide around $1.8 billion of debt financing to support New Media Investment Group's acquisition of
Gannett Gannett Co., Inc. ( ) is an American mass media holding company headquartered in New York City. It is the largest U.S. newspaper publisher as measured by total daily circulation. It owns the national newspaper ''USA Today'', as well as several ...
. On October 23, 2019, AGM announced it signed agreements to take a 48.6% stake in Italian gambling group Gamenet SPA. In November 2019, investment funds managed by Apollo acquired Florida-based Tech Data Corp. for $5.4 billion from
Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...
's
Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...
. In December 2019, investment funds managed by Apollo acquired
Northwest Broadcasting Northwest Broadcasting, Inc. was a television broadcasting company based in Okemos, Michigan, United States, a suburb of Lansing. The broadcasting group owned or operated twelve television stations in six markets, through subsidiaries such as Br ...
and
Cox Media Group CMG Media Corporation (doing business as Cox Media Group) is an American media conglomerate principally owned by Apollo Global Management in conjunction with Cox Enterprises, which maintains a 29% minority stake in the company. The company p ...
for $3 billion, acquiring Northwest's 12 television stations, Cox's 13 television stations, 54 radio stations, three newspapers, national television advertising business – CoxReps, and local OTT advertising business – Gamut. Smart Media.


2020–present

In February 2020, investment funds managed by Apollo acquired Covis from
Cerberus Capital Management Cerberus Capital Management, L.P. is an American global alternative investment firm with assets across credit, private equity, and real estate strategies.Leaders Magazine"Providing Economic Opportunity: An Interview with The Honorable Dan Qua ...
. In April 2020, AGM announced that it would invest $300 million in
Cimpress Cimpress plc is an American Irish-domiciled multinational technology company that invests in and operates a wide variety of businesses that use mass customization to configure and produce small quantities of individually customized goods. Those p ...
, an Irish-domiciled printing group that owns
Vistaprint Vistaprint is a global e-commerce company that produces physical and digital marketing products for small businesses. Vistaprint was one of the first businesses to offer its customers the capabilities of desktop publishing through the internet ...
. In May 2020, Apollo purchased $1.75 billion of preferred stock in Albertsons Companies. In July 2020, Apollo launched a $12 billion platform to make big loans. The same month, Apollo and
The Walt Disney Company The Walt Disney Company, commonly referred to as simply Disney, is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Disney was founded on October 16 ...
sold
Endemol Shine Group Endemol Shine Group B.V. (stylized as EndemolShineGroup) was a Dutch production and distribution company of scripted and non-scripted content, responsible for programmes such as '' Big Brother'', '' Deal or No Deal'', '' The Money Drop'', '' Fe ...
to the French studio Banijay Group. In September 2020, Apollo entered into a $5.5 billion real-estate investment partnership with the
Abu Dhabi National Oil Company The Abu Dhabi National Oil Company (), known by its acronym ADNOC, is the state-owned Petroleum industry, oil company of Abu Dhabi, United Arab Emirates. It is the world's 12th largest oil company by production. As of 2021, the company has an oi ...
(ADNOC). In March 2021, Apollo Investment Corporation closed a $110 million mezzanine credit facility between LendingPoint and MidCap Financial Trust. In March 2021, Leon Black resigned as CEO and chairman after revelations that he paid
Jeffrey Epstein Jeffrey Edward Epstein ( , ; January 20, 1953August 10, 2019) was an American financier and child sex offender. Born and raised in New York City, Epstein began his professional career as a teacher at the Dalton School, despite lacking a col ...
$158 million for personal tax-related advice between 2012 and 2017. He was replaced as CEO by Marc Rowan. In April 2021, Apollo launched Apollo Origination Partnership, a $1.8 billion direct-lending fund seeking unleveraged returns of 8-10% and 12-14% leveraged returns. The same month, funds managed by Apollo acquired The Michaels Companies, parent of
Michaels Michaels Stores, Inc., doing business as Michaels, is an American privately held arts and crafts retail chain. It is North America's largest provider of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourse ...
. In May 2021, Apollo's Gamenet acquired the Italian gaming businesses of International Game Technology for €950 million. In July 2021, funds managed by Apollo acquired EmployBridge, a large industrial-staffing company that has been cited for dozens of safety violations and wage infractions. On July 22, 2021, it was announced that
Legendary Entertainment Legendary Entertainment, LLC (also known as Legendary Pictures or simply Legendary) is an American mass media and film production company based in Burbank, California, founded by Thomas Tull. The company has often collaborated with the major stu ...
was looking for a merger instead of a
SPAC SPAC primarily refers to a special-purpose acquisition company, a method of taking a company public by merging it with an already public investment company. SPAC may also refer to: * Henry Crown Sports and Aquatics Center, a sports facility at No ...
. On January 31, 2022, a minority stake in Legendary was sold to Apollo Global Management, with
Wanda Group Wanda Group (), or the Dalian Wanda Group (), is a Chinese multinational corporation, multinational conglomerate (company), conglomerate founded in Dalian, Liaoning, and headquartered in Beijing. The conglomerate's core businesses are a priva ...
still remaining the majority owner. In August 2021, Apollo announced the acquisition of the
incumbent local exchange carrier An incumbent local exchange carrier (ILEC) is a local telephone company which held the regional monopoly on landline service before the market was opened to competitive local exchange carriers, or the corporate successor of such a firm, in the Un ...
operations in 20 states from
Lumen Technologies Lumen Technologies, Inc. (formerly CenturyLink, Inc.) is an American telecommunications company headquartered in Monroe, Louisiana, which offers communications, network services, security, cloud solutions, voice and managed services through ...
for $7.5 billion, including $1.4 billion of assumed debt. The same month, Apollo launched a $500 million fund to invest in SPACs. In September 2021, investment funds managed by Apollo acquired 90% of
Yahoo! Yahoo (, styled yahoo''!'' in its logo) is an American web portal that provides the search engine Yahoo Search and related services including My Yahoo, Yahoo Mail, Yahoo News, Yahoo Finance, Yahoo Sports, y!entertainment, yahoo!life, and its a ...
. In January 2022, Apollo acquired Athene, a retirement services business. The same month, co-founder Josh Harris left the company to focus on other business ventures. In May 2022, Apollo acquired the US asset management business of Griffin Capital. In July 2022, investment funds managed by Apollo acquired
Tenneco Tenneco, Inc. (formerly Tenneco Automotive and originally Tennessee Gas Transmission Company) is an American automotive components original equipment manufacturer and an aftermarket ride control and emissions products manufacturer. It is a ''F ...
for $7.1 billion. In 2022, investment funds managed by Apollo acquired Chicago-based grocer Tony's Fresh Market, California-based grocer Cardenas, and Miller Homes from Bridgepoint Group. In 2023, Apollo announced it would acquire American industrial company
Arconic Arconic Corporation is an American industrial company specializing in lightweight metals engineering and manufacturing. Its products are used worldwide in aerospace, automotive, packaging, oil and gas, building and construction, defense, commerci ...
. In October 2023, Apollo acquired London-based restaurant group
The Restaurant Group The Restaurant Group plc is a British chain of restaurants and public houses. Their principal trading brands are Wagamama and Barburrito. The Group also operates Pub restaurants and a Concessions business which trades principally at UK airports ...
for £506 million ($623 million). In June 2024, Apollo announced the acquisition of a 49% equity interest in a joint venture entity related to
Intel Ireland Intel Ireland is the Irish subsidiary of the U.S.-based semiconductor giant, Intel. Founded in 1989, the company is one of the largest employers in Ireland. History Origins In the late 1980s, Intel was in talks with IDA Ireland about poten ...
's Fab 34 for €10.1 billion ($11 billion). Apollo Global and Kyndryl Holdings are in talks to jointly bid for DXC Technology, considering an offer of $22 to $25 per share, which boosted DXC's stock by 11%. DXC, dealing with declining revenues, is also exploring selling its insurance software business but may stay independent under its new CEO Raul Fernandez. In November 2024, Apollo partnered with Shinhan Life, the life insurance arm of Shinhan Financial Group, and opened an office in
Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...
as part of its Asia-Pacific expansion. In January 2025, Apollo acquired Barnes Group. In February 2025, Apollo Global Management announced that a fund managed by Apollo affiliates acquired a majority stake in Bold Productions Services, a production-linked provider. Also that month, Apollo agreed to acquire real-estate investment company Bridge Investment Group for $1.5 billion.


Private-equity funds

Since its inception in 1990, Apollo has raised ten flagship
private equity fund A private equity fund (abbreviated as PE fund) is a collective investment scheme used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with private equity. ...
s, as follows:


References


External links

* {{authority control 1990 establishments in New York City 2011 initial public offerings American companies established in 1990 Companies listed on the New York Stock Exchange Drexel Burnham Lambert Financial services companies established in 1990 Investment management companies of the United States Josh Harris Mezzanine capital investment firms Private equity firms of the United States Publicly traded companies based in New York City Asset management companies