Apollo Trust Company

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apollo trust company

MidCap Financial refers to MidCap FinCo Designated Activity Company, a designated activity company limited by shares incorporated under the laws of Ireland, and its subsidiaries, including MidCap Financial Trust. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc. MidCap Financial Services, LLC provides sourcing, due diligence and portfolio management services to MidCap Financial. Loans made or arranged pursuant to a California Finance Lenders Law license.

Apollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager. For more information, please visit www.apolloic.com.

MidCap Financial refers to MidCap FinCo Designated Activity Company, a designated activity company limited by shares incorporated under the laws of Ireland, and its applicable subsidiaries. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement. Loans made or arranged pursuant to a California Finance Lenders Law license.

Apollo Global Management, Inc. is an American global private equity firm.[2] It provides investment management and invests in credit, private equity, and real assets.[1] As of December 31, 2022[update], the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors.[1] Since inception in 1990, private-equity funds managed by Apollo have produced a 24% internal rate of return (IRR) to investors, net of fees.[3]

Apollo was founded in 1990 by Leon Black, Josh Harris, and Marc Rowan.[4][5] Apollo is headquartered in the Solow Building at 9 West 57th Street in New York City,[1] with offices across North America, Europe, and Asia.[6] Among the most notable companies in which funds managed by the company have invested are ADT Inc., Barnes & Noble, CareerBuilder, Cox Media Group, Intrado, Legendary Entertainment, Rackspace, Redbox, Shutterfly, Sirius Satellite Radio, Qdoba, Smart & Final, University of Phoenix, and Yahoo Inc.

In addition to its private funds, Apollo operates Apollo Investment Corporation (AIC), a US-domiciled publicly traded, private-equity, closed-end fund and business development company. AIC provides mezzanine debt, senior secured loans, and equity investments to middle-market companies, including public companies, although it historically has not invested in companies controlled by Apollo's private-equity funds.[7][8]

At the time of Apollo's founding, little financing was available for new leveraged buyouts and Apollo turned, instead, to a strategy of distressed-to-control takeovers.[14][15] Apollo purchased distressed securities, 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,[16] Walter Industries,[17][18] Culligan, and Samsonite.[19]

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 in 1991.[42] In 2002, Attorney General of California Bill Lockyer accused Apollo, Leon Black, and an investor group led by French bank Credit Lyonnais of violating California law by having a foreign government-owned bank acquire the assets and bond portfolio of Executive Life Insurance Co. in 1991. Foreign banks are not allowed to own California insurance companies.[43]

In 2005, Apollo 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. Hexion announced in July 2007 that it was acquiring Huntsman Corporation, 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 on December 14 after a settlement between Hexion and Huntsman, wherein they were required to pay Huntsman $1 billion to drop fraud charges that would have potentially sent the CEO of Apollo to prison.[47][48]

Between 2005 and 2007, the private-equity market was booming, with new "largest buyout" records set and surpassed several times in an 18-month window.[49] Although Apollo was involved in a number of notable and large buyouts, the firm avoided the very largest transactions during the time. Among Apollo's most notable investments during this period were Harrah's Entertainment, a gaming and casino company; Norwegian Cruise Line, a cruise line operator; Claire's Stores, a retailer of costume jewelry; and Realogy, a real-estate franchisor.[50]

In 2006, Apollo acquired International Paper's coated paper and supercalendered paper business for $1.4 billion, renaming the business Verso Paper. Verso is the second-largest producer for the North American magazine publishing and catalog/commercial print markets. In May 2008, Verso became a public company via an IPO.[60][61]

In February 2007, Apollo announced the acquisition of the Smart & Final 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" style food retailers from Wild Oats Markets as part of that company's acquisition by Whole Foods Market. In 2011, the Henry's chain was merged with Sprouts Farmers Market, which, like the Henry's markets, had been founded by Henry Boney.[63][64][65][66]

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.[89][90]

In December 2009, Apollo announced the acquisition of Cedar Fair Entertainment Company for $635 million and assumed debt valuing the company at $2.4 billion.[94][95] In April 2010, the deal was terminated due to poor shareholder response.[96][97]

In February 2017, Apollo Education Group, the parent company of the University of Phoenix, was acquired by investment funds managed by Apollo and the Vistria Group, for $1.14 billion.[129][130][131][132]

In February 2019, AGM was in talks to buy Nexstar Media Group for over $1 billion.[144] However, on February 14, 2019, Cox Media Group announced that it was selling its 14 television stations to Apollo.[145] In March 2019 filings with the Federal Communications Commission (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); Terrier will also concurrently acquire Northwest Broadcasting, giving the company 25 television stations.[146] 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.[147] 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.[148]

Benjamin M. Lawsky, Superintendent of Financial Services, today announced that a second major firm has agreed to an enhanced set of policyholder safeguards in an acquisition of an annuity company at the request of the New York State Department of Financial Services (DFS), which will help better protect retirees and others receiving annuity payments. Recently, DFS has highlighted a spike in private equity firms and other investment companies moving into the annuity business. This trend raised concerns since such firms typically have a more short-term oriented business model than traditional insurers, and the annuity business is focused on ensuring long-term security for policyholders. 041b061a72