Apollo Hybrid Value to Invest in Standard Industries Holdings’ Acquisition of Grace
April 30 2021 - 7:00AM
Apollo Global Management, Inc. (NYSE: APO) (together with its
consolidated subsidiaries, “Apollo” or the “Firm”) announced that
certain funds managed by its affiliates have committed to invest
$600 million as part of an agreement in which Standard Industries
Holdings Inc. will acquire W.R. Grace & Co. (“Grace”) (NYSE:
GRA), a leading global specialty chemicals company, in an all-cash
transaction valued at approximately $7.0 billion.
Standard Industries Holdings opted to work with Apollo’s Hybrid
Value business as a capital partner given Apollo’s long-standing
and successful track record investing in the chemicals sector and
its ability to move expeditiously to complete its due diligence and
provide a bespoke investment.
“We are thrilled to support Standard Industries’ acquisition of
Grace, which is a market leader that is well positioned for
long-term growth as part of the Standard Industries family,” said
Sam Feinstein, Apollo Private Equity Partner. “Standard Industries
has a well-deserved reputation of being responsible owners of
industrial assets and we believe Grace, a world-class specialty
chemicals company, will enter an exciting new chapter of innovation
as part of their portfolio.”
Apollo Hybrid Value Partner Valay Shah said, “This investment is
another example of how Apollo’s Hybrid Value business works
constructively with companies and sponsors to deliver customized
capital investments on an expedited time frame.”
Apollo’s $10 billion Hybrid Value business is led by Co-Heads
and Senior Partners Matt Michelini and Rob Ruberton and provides
flexible capital to private and public companies seeking tailored
solutions and strategic advice through structured equity and credit
investments. The investment in connection with Standard Industries
Holdings’ acquisition of Grace is the latest commitment by Hybrid
Value, which has been highly active over the last year, leading
over $6.5 billion in investments in market-leading companies across
a variety of industries, including US Acute Care Solutions, Sazka,
Alorica, Albertsons, Expedia and Cimpress.
Closing of the transaction between Standard Industries Holdings
and Grace is subject to satisfaction of customary closing
conditions, including approval by Grace shareholders and receipt of
certain regulatory approvals. More details on the transaction can
be found in the official announcement.
About Apollo
Apollo is a leading global investment manager with offices in
New York, Los Angeles, San Diego, Houston, Bethesda, London,
Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong,
Shanghai and Tokyo, among others. Apollo had assets under
management of approximately $455 billion as of December 31, 2020 in
credit, private equity and real assets funds. For more information
about Apollo, please visit www.apollo.com.
About Standard Industries Holdings
Standard Industries Holdings is the parent company of Standard
Industries, a privately-held global industrial company operating in
over 80 countries with over 15,000 employees. The Standard
ecosystem spans a broad array of holdings, technologies and
investments—including both public and private companies from early
to late-stage—as well as world-class building materials assets and
next-generation solar solutions. Throughout its 140-year history,
Standard has leveraged its deep industry expertise and vision to
create outsize value across its businesses, which today include
operating companies GAF, BMI, Siplast, GAF Energy, Schiedel and
SGI, as well as related businesses 40 North, a multi-billion-dollar
investment platform, 40 North Ventures and Winter Properties. Learn
more at www.standardindustries.com.
Investor Contact:
Peter MintzbergHead of Investor RelationsApollo Global
Management, Inc.(212) 822-0528APOInvestorRelations@apollo.com
Media Contact:
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
WR Grace (NYSE:GRA)
Historical Stock Chart
From Jun 2024 to Jul 2024
WR Grace (NYSE:GRA)
Historical Stock Chart
From Jul 2023 to Jul 2024