41 Facts About Apollo Management


Apollo Management invests money on behalf of pension funds, financial endowments and sovereign wealth funds, as well as other institutional and individual investors.

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Apollo Management was founded in 1990 by Leon Black, Josh Harris, and Marc Rowan.

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Apollo Management is headquartered in the Solow Building at 9 West 57th Street in New York City, with offices across North America, Europe and Asia.

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Apollo Management, originally referred to as Apollo Management Advisors, was founded in 1990, after the collapse of Drexel Burnham Lambert in February 1990, by Leon Black, the former head of Drexel's mergers and acquisitions department, along with other Drexel alumni.

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Apollo Management raised approximately $400 million of investor commitments based on Leon Black's reputation as a prominent lieutenant of Michael Milken and a key player in the buyout boom of the 1980s.

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At the time of Apollo Management's founding, there was little financing for new leveraged buyouts and Apollo Management turned instead to a strategy of distressed-to-control takeovers.

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Apollo Management purchased distressed securities which could be converted into a controlling interest in the equity of the company through a bankruptcy reorganization or other restructuring.

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Apollo Management used distressed debt as an entry point, enabling the firm to invest in such firms as Vail Resorts, Walter Industries, Culligan, and Samsonite.

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Apollo Management acquired interests in companies that Drexel had helped finance by purchasing high-yield bonds from failed savings and loans and insurance companies.

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In 1995, Apollo Management raised its third private equity fund, Apollo Management Investment Fund III, with $1.

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Also in 1995, Apollo Management founding partner Craig Cogut left the firm to found Pegasus Capital Advisors.

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In 2005, Apollo Management formed Hexion Specialty Chemicals through the merger of Borden, Inc, Resolution Performance Products LLC, and Resolution Specialty Materials LLC, and the acquisition of Bakelite AG.

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In May 2006, Apollo Management announced the acquisition of Rexnord Corporation, a manufacturer of precision motion technology products, primarily focused on power transmission, from private equity firm The Carlyle Group for $1.

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In June 2006, Apollo Management acquired Momentive Performance Materials, General Electric's Advanced Materials business for approximately $3.

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Apollo Management raised an additional $500 million via private placements in the weeks following that sale.

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In October 2006, Apollo Management announced a $990 million leveraged buyout of Jacuzzi Brands, a manufacturer of whirlpool baths.

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In 2006, Apollo Management acquired International Paper's coated paper and supercalendered paper business for $1.

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In February 2007, Apollo Management acquired Oceania Cruises for $850 million and provided additional capital to fund the expansion of the company with the purchase of two new cruise ships.

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In May 2007, Apollo Management acquired Countrywide plc, a provider of residential property related services in the UK, formerly known as Hambro Countrywide and Countrywide Assured Group for $1.

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In January 2008, Apollo Management invested $1 billion in Norwegian Cruise Line to support a recapitalization of the company's balance sheet.

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In February 2008, Apollo Management acquired Regent Seven Seas Cruises from Carlson Companies for $1 billion.

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In late 2008, Apollo Management received margin calls associated with the financing of its purchase of certain loan portfolios as the values of the loans decreased.

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In May 2008, Apollo Management invested in Vantium, a company that buys residential mortgage assets as part of a strategy to profit from the United States housing market correction.

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Also in 2008, Apollo Management opened an office in India, its first office in Asia.

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Apollo Management exercised its "PIK toggle" option at Claire's to shut off cash interest payments to its bondholders and instead issue more debt, in order to provide the company with additional financial flexibility.

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In December 2008, Apollo Management completed fundraising for its latest fund, Apollo Management Investment Fund VII, with approximately $14.

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Apollo Management had been targeting $15 billion, but had been in fundraising for more than 16 months, with the bulk of the capital raised in 2007.

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In December 2009, Apollo Management announced the acquisition of Cedar Fair Entertainment Company for $635 million and assumed debt valuing the company at $2.

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In March 2012, Apollo Management acquired the unprofitable Great Wolf Resorts for $703 million.

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In 2013, Apollo acquired Pitney Bowes Management Services for $400 million.

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In December 2013, Apollo Management bought a portfolio of Irish home loans from Lloyds Bank for €307 million, less than half their face value.

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In October 2014, Apollo Management merged its Endemol television studio with 21st Century Fox's Shine Group.

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Also in June 2015, Apollo Management won the bidding during an auction for Saint-Gobain's Verallia glass bottle manufacturing unit for €2.

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In March 2018, Apollo Management acquired Mexican restaurant chain Qdoba from Jack in the Box.

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In March 2019 filings with the Federal Communications Commission, Apollo Management disclosed that, through the newly formed Terrier Media, the Cox stations would be acquired for $3.

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The FCC required Apollo Management to reduce the daily newspapers to three days or sell them.

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In December 2019, investment funds managed by Apollo Management acquired Cox Media Group for $3 billion, acquiring Cox's 13 television stations, 54 radio stations, 3 newspapers, national television advertising business – CoxReps, and local OTT advertising business – Gamut.

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In May 2021, Apollo Management's Gamenet acquired the Italian gaming businesses of International Game Technology for €950 million.

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In July 2021, funds managed by Apollo Management acquired EmployBridge, a large industrial staffing company that has been cited for dozens of safety violations and wage infractions.

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In May 2022, Apollo acquired the US asset management business of Griffin Capital.

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In 2022, investment funds managed by Apollo Management acquired acquired Chicago-based and family-owned specialty grocer Tony's Fresh Market and California-based Hispanic grocery chain Cardenas from Kohlberg Kravis Roberts, both for an undisclosed amount.

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