Category Archives: News

Almi Invest sells software company Atollic to STMicroelectronics

Almi Invest

Almi Invest makes an exit and sells its holdings in Jönköping-based software company Atollic. Buyers are STMicroelectronics, one of the world’s largest semiconductor companies.

ST will acquire the entire Atollic 7 million dollars with a potential additional consideration of $ 1 million under certain circumstances.

Atollic develops TrueSTUDIO®, a software development tool for coding embedded in intelligent devices such as televisions, washing machines, camcorders and microwave ovens. There is a great need to create robust and error-free code, the products are difficult to update and can have serious malfunctions in the wrong code. To develop software for embedded systems therefore requires special development tools that address the very qualities that are characteristic of embedded systems.

Almi Invest has been a shareholder in Atollic since the end of 2014 with a stake of about 20 percent. Almi Invest’s share of the purchase price is equivalent to about 2.5 times invested capital.

– We are very pleased with our investment in Atollic said Erik Ydrén, Investment Manager at Almi Invest. The company’s product True Studio is at the forefront it will get very good development of STMicroelectronics.

Atollic is now part of the ST, but with continuing operations in Jönköping branded STMicroelectronics Software AB.

– We have worked closely Atollic for years and have seen the value TrueSudio deliver said Michel Buffa, Microcontroller Division General Manager at STMicroelectronics. True Studio will be giving our developers a strong competitive advantage.

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Graphite sells investment in Corbin & King to Minor Hotels

Graphite

Graphite Capital, the leading mid-market private equity specialist, has Today sold its investment in Corbin & King, the leading London-based restaurant group. The sale forms part of a wider transaction in which Minor Hotels, one of the largest hospitality and leisure groups in the Asia -Pacific region, took a majority interest in the group. Minor is best known as the operator of Anantara hotels. In 2012 Graphite provided development finance to fund the company’s expansion. At the time Corbin & King operated two restaurants: the Wolseley which had been open since 2003 and the recently opened Delaunay. Both have continued to grow strongly.

Subsequently Corbin & King opened four more restaurants: Colbert, Brasserie Zédel, Fischer’s and Bellanger. The expansion has been highly successful and the new restaurants have won numerous industry awards. Revenues of the restaurant group have more than trebled and are now more than £45 million.

In 2014, Corbin & King opened The Beaumont, a luxury hotel in Mayfair, to widespread critical acclaim. The Beaumont is regularly rated in the top five hotels in London by TripAdvisor and won the AA’s ‘Hotel of the Year in London’ award in 2016.

Revenues have grown steadily since the opening and the hotel now makes an important contribution to group profits. Employee numbers have increased by over 150per cent since Graphite invested and Corbin & King now employs nearly 900 staff. Graphite senior partner Andy Gray said:

“Chris Corbin and Jeremy King have built a reputation as London’s most successful restaurateurs over the past 35 years. We are pleased to have played an important part in the development of such an iconic business and are delighted that it has shown consistent growth during our investment period. The company is highly profitable and we believe it has found an excellent partner in Minor Hotels.”

Senior partner Andy Gray and partner Omar Kayat managed the transaction for Graphite.

 

Ends

 

 

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Matsmart raises 7.5 MEUR

Northzone

D-Ax and Norrsken Foundation invest in Matsmart, alongside previous investors.

The funding will be used to further expansion in the Nordics and Europe.

Swedish e-commerce company Matsmart sells surplus food that would otherwise be thrown away, due to changes in branding or packaging, seasonality or short expiration dates.

In 2016, Matsmart prevented 706 tonnes of food from going to waste. The company has seen explosive growth, with yearly revenues of €20 million. Matsmart launched in Sweden in 2014, and has since then expanded to Norway and Finland.

CEO Karl Andersson comments: “With this new funding, we will continue to focus on growth. There is still a lot of work to do to solve the issue of food waste, and we see strong interest from both consumers and suppliers. We will also be looking at new markets for further international expansion.”

The new investors add strategic value to Matsmart. D-Ax is the investment arm of the Swedish Axel Johnson Group, and Norrsken Foundation, set up by Klarna founder Niklas Adalberth, focuses on social tech entrepreneurship.

Karl adds: “D-Ax has significant experience in the food and retail sectors, and invest with a long-term view, which suits us perfectly. Norrsken focuses on companies that have a positive impact on humans or the environment, and align well with our vision: a world without food waste.”

Mia Brunell Livfors, CEO at Axel Johnson comments: ”For Axel Johnson, this is a strategic investment: it’s in the food space, it’s an e-commerce proposition, it’s a low cost retailer, and it has sustainability at its core. We look forward to working with Matsmart for the long-term.”

Tove Larsson, Investment Manager at Norrsken adds: “Food waste is an important environmental issue, and we think that Matsmart are tackling it in a smart way. They are addressing the immediate issue of saving food that is going to waste, and in the long term, they are also able to influence the root causes of the problem, by helping suppliers reduce waste, and changing consumer behaviour in relation to best-before dates.”

Matsmart, which was founded by Karl Andersson, Erik Södergren, and Ulf Skagerström, has previously attracted investors such as Northzone, GP Bullhound, Edastra, Inbox Capital, the Avito-founders Jonas Nordlander and Filip Engelbert and Johan Kleber, CEO of Adlibris.

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Partners Group to acquire office building in North Sydney for AUD 205 million

Partners Group

Partners Group, the global private markets investment manager, has agreed on behalf of its clients to acquire 73 Miller Street, an office building in North Sydney, Australia. The building is being acquired from Fosun International for a total transaction value of around AUD 205 million.

73 Miller Street is an 11-story office building with a total floor area of 14,672 square meters. Constructed in 1990, the building is located in a prime location within North Sydney’s commercial core, with excellent access to public transport and connections to the city’s Central Business District (“CBD”) via the Sydney Harbor Bridge. Following the acquisition, Partners Group will execute a value-added business plan involving the creation of an extra 13% of additional retail space and the refurbishment of the property to bring it to Grade-A standard.

Rahul Ghai, Managing Director, Private Real Estate Asia, Partners Group, comments: “The acquisition of 73 Miller Street is supported by favorable underlying market fundamentals. On the one hand, rents in Sydney’s CBD have risen more than 30% in the past year, driving some tenants to search for more affordable office locations in other commercial districts including North Sydney. On the other hand, there have been substantial infrastructure upgrades in the North Sydney area, which have increased its connectivity.”

The signing of the 73 Miller Street transaction follows Partners Group’s earlier acquisition of a strategic industrial infill site in Southport, Queensland, Australia. Partners Group plans to develop the site into a modern logistics estate with the capacity to accommodate up to 100,000 square meters of gross lettable area. The location of the site will enable occupiers to service the broader Southern Queensland and Northern Rivers regions, which are currently under-served in terms of logistics facilities.

Bastian Wolff, Managing Director, Head of Private Real Estate Asia, Partners Group, adds: “Both the 73 Miller Street and Southport acquisitions were sourced by our Asia real estate team on an exclusive basis through proprietary relationships, thus avoiding a highly competitive auction process. Both transactions also have a clear repositioning and active asset management strategy behind them that is supported by strong, local growth trends.”

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DN Capital Portfolio Company Finiata raises €18 million

DN Capital

 

DN Capital is proud to announce that FINIATA, the finance platform targeting SMEs, freelancers, and the self-employed, has raised €18 million of financing. The Company was founded by Sebastian Diemer, who previously co-founded credit scoring and loans company Kreditech.

 

The new round sees €10 million invested as a Series A by VC firms DN Capital, Point Nine, Fly Ventures, Redalpine, ENERN, and Kulczyk Investments, while an additional €8 million has been raised in the form of debt financing.

 

Read more here: https://techcrunch.com/2017/12/14/finiata-18m-funding/

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Affiliates of Apollo Natural Resource Partners II to Acquire Phoenix Services

Apollo

–Apollo to Support Continued Growth of Premier Steel Mill Services Company–

KENNETT SQUARE, Pa. & NEW YORK–(BUSINESS WIRE)–Dec. 15, 2017– Phoenix Services LLC (“Phoenix” or the “Company”), a premier provider of outsourced slag handling, metal reclamation, and other complementary services to leading steel mill customers around the world, today announced that Apollo Natural Resources Partners II, L.P. (“ANRP II”), a fund managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), has agreed to acquire the Company from its existing shareholders, including majority shareholder Olympus Partners. Terms of the transaction were not disclosed.

Phoenix, founded in 2006, is a leading global provider of value-added industrial services to steel mills serving world class customers such as ArcelorMittal, Nucor Steel, and US Steel, among others. The Company has a global workforce of approximately 2,100 employees and operates in 34 locations on four continents.

“We are excited to work with Phoenix Services and its outstanding management team and employees. We have been extremely impressed with the Company’s customer focus, track record of operational excellence, and strong commitment to safety,” said Gareth Turner, Senior Partner at Apollo. “We look forward to leveraging Apollo’s global platform and expertise to support Phoenix’s continued growth and superior customer service.”

About Phoenix Services LLC

Phoenix Services provides responsive world-class service to steel producers around the globe. Core services include slag handling utilizing slag pot carriers or the traditional slag pit digging with front-end loaders; the recovery and sizing of scrap metal to its customer’s specification; and processing slag for use by its steel mill customer or marketing processed slag material for aggregate use.

About　Apollo Global Management, LLC

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $242 billion as of September　30, 2017 in private equity, credit, and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

Source: Apollo Natural Resources Partners II, L.P.

For investor inquiries regarding Apollo:
Apollo Global Management, LLC
Gary M. Stein, 212-822-0467
Head of Corporate Communications
gstein@apollolp.com
or
Apollo Global Management, LLC
Noah Gunn, 212-822-0540
Investor Relations Manager
ngunn@apollolp.com
or
For media inquiries regarding Apollo:
Rubenstein Associates, Inc. for Apollo Global Management, LLC
Charles Zehren, 212-843-8590
czehren@rubenstein.com

 

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EQT Credit provides financing to support the acquisition of Studienkreis, a leading player in the German tutoring market

eqt

The EQT Mid-Market Credit fund (“EQT Credit”) today announces that it has provided a tailored financing solution to support IK Investment Partners’ investment in Studienkreis Holding GmbH (“Studienkreis” or the “Company”), a German private tutoring service provider.

Studienkreis was founded in 1974 and is headquartered in Bochum. It operates a network of over 1,000 learning centres and offers small group tutoring to 60,000 primary and secondary school students across Germany. It also offers online tutoring and has developed the Studienkreis app for homework support. The Company has a strong growth profile, driven by expansion both through acquisitions and opening of new centres. Studienkreis has opened 150 new locations since 2013, when previous owner Aurelius acquired the group, and today has 160 full time employees.

EQT Credit is providing a unitranche facility to back IK Investment Partners’ acquisition of Studienkreis. The drawn debt consists of a super senior package by Berenberg Bank and an Unitranche facility. The parties have agreed not to disclose the terms of the transaction.

Paul Johnson, Partner at EQT Partners’ Credit team, Investment Advisor to EQT Credit, commented: “EQT Credit has a strong history in providing financing to the education sector. We are looking forward to supporting Studienkreis to further facilitate growth and expansion of the Company”.

Contacts:
Paul Johnson, Partner at EQT Partners, Investment Advisor to EQT Mid-Market Credit, +44 207 430 55 54
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 25 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information: www.eqtpartners.com

About the EQT Credit platform
The EQT Credit platform, which spans the full risk-reward spectrum investing with three strategies: senior debt, direct lending and credit opportunities, has invested over EUR 3.6 billion in more than 136 companies since inception in 2008.

More information:www.eqtpartners.com/Investment-Strategies/Credit

 

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UNILEVER to sell its spreads business to KKR for EUR6.825 bn

KKR

London/Rotterdam,– December 15 2017 – Unilever, one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products, has received a binding offer from KKR to purchase its global Spreads business for €6.825 billion on a cash-free, debt-free basis.

Paul Polman, CEO of Unilever said “In April of this year we set out our 2020 programme to accelerate sustainable value creation. After a long history in Unilever we decided that the future of the Spreads business would lie outside the Group. The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved. I am confident that under KKR’s ownership, the Spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities.”

Nicolas Liabeuf, CEO of Spreads, who will continue to lead the business, added “There is a positive momentum in the performance of the Spreads business and we are excited about continuing this journey with KKR. We are confident that our business and the entrepreneurial spirit of our people will thrive further under new ownership.”

Johannes Huth, Head of KKR EMEA said: “The strength of the portfolio of consumer brands in Spreads provides a firm foundation for future growth. We look forward to deploying our global network and operational expertise to support the business’s growth ambitions, while continuing to follow Unilever’s responsible sourcing policies, including working towards the goal of sourcing 100 per cent sustainable palm oil by 2019.”

The investment is being funded by both the European and N. American private equity funds of KKR.

The offer is subject to certain regulatory approvals and employee consultation in certain jurisdictions. Completion is expected mid-2018. Unilever intends to return the net cash realised to shareholders, unless more value-creating acquisition alternatives arise. The transaction constitutes a class 2 transaction for the purposes of the UK Listing Rules. Further information about Unilever’s Spreads business is provided below.

For further information:
Unilever PLC
Unilever House
100 Victoria Embankment
London EC4Y 0DY
United Kingdom

Unilever NV
Weena 455
3013AL Rotterdam
Netherlands

Media:

Paul Matthews
+44 775 276 8888
Paul.Matthews@unilever.com

Treeva Fenwick
+44 779 903 3391
Treeva.Fenwick@unilever.com

Jonathan Sibun
+44 777 999 9683
jsibun@tulchangroup.com

Media:
Fleur Van-Bruggen
+31 615 008 293
Fleur-van.bruggen@unilever.com
Media Relations Rotterdam: +31 (0)10 217 4844

Unilever Investor Relations:
+44 (0)20 7822 6830
investor.relations@unilever.com

KKR:
Alastair Elwen
Finsbury
+44 207 251 3801
alastair.elwen@finsbury.com

About Unilever Spreads
Unilever’s Spreads business includes brands such as Becel, Flora, Country Crock, Blue Band, I Can’t Believe It’s Not Butter, Rama and ProActiv. It operates across 66 countries around the world. In 2016 the business had a turnover of €3,032 million, EBITDA (before any carveout adjustments under new ownership) of €680 million, and assets of €1,108 million.

This announcement, including the information contained in this release, excludes the South Africa Spreads business. As previously announced, Unilever will acquire Remgro’s 25.75% shareholding in Unilever South Africa Holdings (Pty) Ltd (Unilever SA) in exchange for the Unilever Spreads business in Southern Africa as well as a cash consideration.

About Unilever

Unilever is one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products with sales in over 190 countries and reaching 2.5 billion consumers a day. It has 169,000 employees and generated sales of €52.7 billion in 2016. Over half (57%) of the company’s footprint is in developing and emerging markets. Unilever has more than 400 brands found in homes all over the world, including Persil, Dove, Knorr, Domestos, Hellmann’s, Lipton, Wall’s, PG Tips, Ben & Jerry’s, Magnum and Lynx.

Unilever’s Sustainable Living Plan underpins the company’s strategy and commits to:

* Helping more than a billion people take action to improve their health and well-being by 2020.
* Halving the environmental impact of our products by 2030.
* Enhancing the livelihoods of millions of people by 2020.

The USLP creates value by driving growth and trust, eliminating costs and reducing risks. The company’s sustainable living brands are growing 50% faster than the rest of the business and delivered more than 60% of the company’s growth in 2016.
Unilever was ranked number one in its sector in the 2017 Dow Jones Sustainability Index. In the FTSE4Good Index, it achieved the highest environmental score of 5. It led the list of Global Corporate Sustainability Leaders in the 2017 GlobeScan/SustainAbility annual survey for the seventh year running. Unilever has pledged to become carbon positive in its operations by 2030. For more information about Unilever and its brands, please visit www.unilever.com. For more information on the USLP: www.unilever.com/sustainable-living/

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic manager partnerships, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Cautionary Statement/Safe Harbour:

This announcement may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements related to underlying sales growth and underlying operating margin. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, or the negative of these terms and other similar expressions of future performance or results, and their negatives, are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Unilever Group (the “Group”). They are not historical facts, nor are they guarantees of future performance.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially are: Unilever’s global brands not meeting consumer preferences; Unilever’s ability to innovate and remain competitive; Unilever’s investment choices in its portfolio management; inability to find sustainable solutions to support long-term growth; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; the effect of climate change on Unilever’s business; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the Annual Report on Form 20-F 2016 and the Unilever Annual Report and Accounts 2016.

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Atlas-backed I-O specialist Kyn comes out of stealth mode

Atlas Venture

The immuno-oncology sector has yet another player. Kyn Therapeutics just made its debut after almost two years of gestation at Atlas Venture with three immuno-metabolism platforms and $49 million in first-round funding.

Explaining the rationale behind the new company, CEO Mark Manfredi told us that “the dramatic successes of checkpoint inhibitors have made their deficiencies and opportunities for improvement a hot topic in the industry, and a major driver for investment.”

“We believe immuno-metabolism is the next big area for immuno-oncology therapeutics, as it has the potential to generate broad-spectrum immune stimulation either alone or in combination with checkpoint inhibitors.”

Kyn comes out of stealth mode with a pair of preclinical programs targeting the kynurenine pathway, which is implicated in a number of diseases including cancer, as well as ARY-007, a prostaglandin E2 (EP4) receptor antagonist licensed from Japan’s AskAt Inc. that will be developed alongside affiliate company Arrys Therapeutics.

ARY-007 has already been through human trials outside of cancer and will be Kyn’s first clinical candidate, starting phase 1b trials next year, said Manfredi. The company has a big-hitting rival for the program, however, as Bristol-Myers Squibb has just licensed an EP4 receptor antagonist from longtime immuno-oncology partner Ono Pharma for $40 million upfront.

“The literature has increasingly evidenced a broad-ranging immunosuppressive function for this receptor, through multiple cellular mechanisms,” said the CEO. “Once we understood this, it was an obvious choice to assess in the cancer immunotherapy setting.”

Kyn’s kynurenine pathway candidates are further back in development but have “substantial” preclinical data showing they can improve anti-tumor immune responses, according to Manfredi.

The first focuses on Kynase—an enzyme that degrades kynurenine directly and addresses both IDO (indoleamine 2,3-dioxygenase) and TDO (tryptophan 2,3-dioxygenase) immunosuppression pathways—and grew out of work the University of Texas at Austin.

There’s no shortage of other groups working on IDO—with BMS, Incyte and NewLink currently leading the charge—but fewer have focused on TDO. Kyn’s approach of targeting Kynase may lead to “efficacy in tumors that overexpress either IDO, TDO or both [and] therefore … could address a broader patient population than IDO inhibitors alone,” according to Manfredi. Added to that, its candidates seem to be much stronger at blocking kynurenine than IDO inhibitors in clinical trials.

The third pillar of Kyn’s portfolio is an in-house program geared towards developing aryl hydrocarbon receptor (AHR) antagonists that aim to block immunosuppression activated by various metabolites, including kynurenine.

The IDO/TDO and AHR programs are closely linked. In cancer cells, IDO and TDO stimulate the formation of kynurenine, which in turn activates AHR receptors and leads to an increase in immunosuppressive T cells in the tumor microenvironment. Moreover, AHR can also be activated by ligands other than kynurenine.

“In terms of clinical development, immunometabolism-based therapies are the next most advanced area within immuno-oncology,” he said, adding, “We think there is a lot of potential for our candidates in multiple solid tumors, but we’re not ready yet to talk specifics.”

“We also have a potential aid to efficiency in that the pathways we are exploring have several biomarkers—including the target metabolites themselves—that could lend themselves to patient enrichment approaches to study design.”

The $49 million in series A funding from Atlas and OrbiMed will be split two ways, with Arrys allocated $21 million for the EP4 project—which is subcontracted to Kyn—and the remaining $28 million going to the IDO/TDO and AHR programs, which should have lead development candidates selected in the next 12 to 18 months.

“We expect to add about 5 to 8 new employees internally over the next 12 months,” Manfredi told us. “Several of those employees will focus on candidate optimization and preclinical studies but we will also grow our internal clinical program management expertise.”

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Funds Managed by Affiliates of Apollo Global Management to Acquire Sun Country Airlines

Apollo

NEW YORK–(BUSINESS WIRE)–Dec. 14, 2017– Funds affiliated with Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO) today announced that they have signed a definitive agreement to acquire Sun Country Airlines (“Sun Country” or the “Company”), the largest privately-held fully independent airline in the United States, from brothers Marty and Mitch Davis. The transaction, which is subject to regulatory approvals and other customary conditions, is targeted to close during the first quarter of 2018. Terms of the deal were not disclosed.

Sun Country, based in Minnesota, flies passengers to leisure destinations across the U.S. and internationally and specializes in flying from cold weather locales to warm weather destinations. The Company, which currently flies approximately 2.5 million passengers per year, enjoys significant brand presence in the Minnesota region and greatly values its connection to the local community.

“We are tremendously excited about the acquisition of Sun Country,” said Antoine Munfakh, Partner at Apollo. “Sun Country presents compelling opportunities for innovation, efficiency and growth. Underpinned by a solid foundation of assets and people, including an outstanding team of executives and talented flight crews, we believe Sun Country has a very bright future. We look forward to supporting CEO Jude Bricker in delivering the next chapter of Sun Country’s growth through the combination of operational excellence and the relentless pursuit of delivering customer service and value.”

Jude Bricker, who will remain as CEO of Sun Country, said: “I’d like to thank Marty and Mitch for their strong support and stewardship of this very special airline. I look forward to working with Apollo to further enhance and grow Sun Country’s business.”

Sun Country Chairman Marty Davis said: “We are particularly pleased to sell Sun Country to Apollo because it has a proven track record for successfully helping companies grow and generate long-term value. With Jude at the helm, along with the dedicated employees who make Sun Country what it is today, we are confident the company is well-positioned for continued expansion and its evolution beyond its Minnesota base.”

Barclays served as financial adviser to Sun Country Airlines on this transaction.

About Apollo Global Management

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management (AUM) of approximately $242 billion as of September 30, 2017 in Private Equity, Credit and Real Assets invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

Forward Looking Statements

This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2016, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Source: Apollo Global Management, LLC

For investor inquiries regarding Apollo:
Apollo Global Management, LLC
Gary M. Stein, 212-822-0467
Head of Corporate Communications
gstein@apollolp.com
or
Apollo Global Management, LLC
Noah Gunn, 212-822-0540
Investor Relations Manager
ngunn@apollolp.com
or
For media inquiries regarding Apollo:
Rubenstein Associates, Inc. for Apollo Global Management, LLC
Charles Zehren, 212-843-8590
czehren@rubenstein.com

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