Apollo Funds Acquire Majority Stake in The State Group, A Leading Provider of Multi-Trade Services
18 Noviembre 2024 - 3:30PM
Apollo (NYSE: APO) today announced that funds associated with its
Impact and Clean Transition strategies (the “Apollo Funds”) have
acquired a majority stake in The State Group (“TSG” or the
“Company”) from Blue Wolf Capital (“Blue Wolf”). Blue Wolf will
retain a minority stake in the business, alongside existing
management shareholders.
Established in 1961, TSG is a leading provider of electrical,
mechanical, robotics and automation services, with a strong
presence across industrial end markets. TSG executes complex
projects at facilities from newbuild to ongoing maintenance and
retrofit with decades-long customer relationships across key
markets. A substantial portion of the Company’s work enables
customers to optimize, reduce and decarbonize their energy use,
helping a wide range of industrial end markets abate future
emissions. The Company plays an important role in enabling the
energy transition through its expertise in industrial manufacturing
plants as well as power and renewable facilities. TSG’s
capabilities have clear applicability to a number of fast-growing
end markets, including data centers, where the Company supports
critical technology infrastructure by providing electrical
contracting services and other specialized solutions.
“The opportunity to leverage Apollo’s expertise and resources
marks a significant milestone for the next phase of our business’
growth,” said Michael Lampert, CEO of TSG. “The partnership with
Apollo positions us well to enhance our capabilities and meet the
evolving needs of our customers as they scale and optimize their
North American operations.”
“TSG has a proven track record of providing quality and reliable
service to its industrial customers, with a key role to play in
driving energy efficiency and the energy transition,” said
Christine Hommes, Partner at Apollo. “Our organizations have a
shared vision for the continued growth of the business, and we are
excited to partner with Michael and the broader team as they
strengthen and expand their offerings.”
Apollo is a high-growth asset management firm with strategies
dedicated to investing in companies that demonstrate strong
environmental and social impact. Apollo-managed funds have deployed
approximately $40 billioni into energy transition and
sustainability-related investments over the past five years,
supporting companies and projects across clean energy, sustainable
mobility and infrastructure.
Financial terms of the transaction are not disclosed. Moelis
& Company served as financial advisor, and Holland & Knight
LLP and Davies Ward Phillips & Vineberg LLP served as legal
counsel for The State Group. Latham & Watkins LLP and Blake,
Cassels & Graydon LLP acted as legal advisors to the Apollo
Funds.
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i As of June 30, 2024. Deployment commensurate with Apollo’s
proprietary Climate and Transition Investment Framework, which
provides guidelines and metrics with respect to the definition of a
climate or transition investment. Reflects (a) for equity
investments: (i) total enterprise value at time of signed
commitment for initial equity commitments; (ii) additional capital
contributions from Apollo funds and co-invest vehicles for
follow-on equity investments; and (iii) contractual commitments of
Apollo funds and co-invest vehicles at the time of initial
commitment for preferred equity investments; (b) for debt
investments: (i) total facility size for Apollo originated debt,
warehouse facilities, or fund financings; (ii) purchase price on
the settlement date for private non-traded debt; (iii) increases in
maximum exposure on a period-over-period basis for publicly-traded
debt; (iv) total capital organized on the settlement date for
syndicated debt; and (v) contractual commitments of Apollo funds
and co-invest vehicles as of the closing date for real estate debt;
(c) for SPACs, the total sponsor equity and capital organized as of
the respective announcement dates; (d) for platform acquisitions,
the purchase price on the signed commitment date; and (e) for
platform originations, the gross origination value on the
origination date.
About Apollo
Apollo is a high-growth, global alternative asset manager. In
our asset management business, we seek to provide our clients
excess return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three investing
strategies: yield, hybrid, and equity. For more than three decades,
our investing expertise across our fully integrated platform has
served the financial return needs of our clients and provided
businesses with innovative capital solutions for growth. Through
Athene, our retirement services business, we specialize in helping
clients achieve financial security by providing a suite of
retirement savings products and acting as a solutions provider to
institutions. Our patient, creative, and knowledgeable approach to
investing aligns our clients, businesses we invest in, our
employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of September 30, 2024, Apollo had
approximately $733 billion of assets under management. To learn
more, please visit www.apollo.com.
About The State Group
The State Group is one of North America’s leading multi-trade
industrial and specialty services contractor, providing electrical,
mechanical, millwrighting, robotics and automation services to
diverse industries. Headquartered in Franklin, TN, The State Group
has offices across Canada and the United States and has built
long-term relationships with Fortune 100 companies, property
managers and original equipment suppliers who look to The State
Group to complete complex building, manufacturing and engineering
projects while staying on schedule and within budget.
Apollo Contacts
Noah GunnGlobal Head of Investor RelationsApollo Global
Management, Inc.(212) 822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
Apollo Global Management (NYSE:APO)
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