NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed Funds (“Apollo Funds” or the “Funds”) have agreed to sell 65.2 million common equity shares in Vallourec SA (Euronext: VK; “Vallourec”, the “Company”), a value-added manufacturer of premium tubular steel products, for €14.64 per share to ArcelorMittal. The shares sold represent a 28.4% equity interest¹ in Vallourec and a total transaction value of approximately €955 million, and upon close will mark the Apollo Funds’ exit of the investment.

“We’re proud of the extremely strong results achieved during our Funds’ ownership as the Company transformed its operations under a top leadership team led by Philippe Guillemot and established itself as a focused world leader in the manufacturing of high performance tubular products. Along with this business transformation have come record levels of profitability, a more sustainable competitive position and an opportunity to capture future growth in the energy transition markets,” said Apollo Partner Gareth Turner. “There is still considerable potential to expand upon what we have achieved but it is now appropriate for Apollo to transition our Funds’ shareholding to an industrial partner that can take the Company forward. We remain confident that Vallourec is well-positioned for long-term growth and we wish Philippe and the entire team continued success.”

Philippe Guillemot, Vallourec Chairman and CEO, said, “Apollo’s operational and capital markets expertise was instrumental to Vallourec’s turnaround, and we thank the Apollo team for their unfailing support and world-class partnership. With Apollo’s Funds’ assistance, we have fundamentally changed the operational and financial structure of Vallourec and we believe we are on the right trajectory to deliver enhanced shareholder value over the coming years.”

After leading the financial restructuring of Vallourec, Apollo Funds became the largest equity investor in Vallourec in 2021. As a strategic capital partner, Apollo played a pivotal role in the design, launch, and implementation of the “New Vallourec” plan in May 2022, which helped to transform the Company’s operational design, footprint and capabilities, and drove EBITDA from €258mm in 2020 prior to Apollo Funds’ investment to €1,196mm in 2023, reflecting the best results in nearly 15 years.

The transaction is expected to close in the second half of the year, subject to satisfaction of customary closing conditions.

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 December 31, 2023, Apollo had approximately $651 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

¹ Not taking into account preferred shares already issued but not vested as of today.

Source: Apollo Global Management, Inc.

Released March 12, 2024

After 4 years of investment, AUCTUS completes the exit of Profiltubi S.p.A.

AUCTUS announces the sale of the entire shares of the Italian Profiltubi Group including O.M.V Ventura to a new strategic partner – the Eusider Group. Profiltubi is a key player in the Italian market for the production and distribution of carbon steel welded tubes, with a consolidated turnover in excess of 100 million euros.

The Profiltubi Group, based in Reggiolo, Italy, has been operating in the steel sector for 50 years and specializes in the production of electro-welded carbon steel tubes, which can be produced in various shapes and sizes. Since its majority investment in 2020, AUCTUS supported the further business development of Profiltubi in partnership with its CEO Giorgio Figerio and some members of the Alfieri family, fostered the transition to a modern management and implemented a targeted M&A strategy that resulted in the add-on acquisition of 100 percent of O.M.V. Ventura in 2021.

Eusider Group is headquartered in Costamasnaga, Italy, and is owned by the second generation of the Anghileri family. Eusider is one of Italy’s leading service centers within the metal processing industry, operating with 900 employees at 10 other subsidiaries and 15 production facilities, producing around 1.3 million tons of steel. The group reported a turnover of EUR 1.2 billion and an EBITDA of 10.6% in 2022.

Giorgio Frigerio, who will continue to be responsible for the Profiltubi Group as CEO, stated, “I am really grateful – also on behalf of all Profiltubi and OMV employees – for this transaction with the Eusider Group, which will enable us to further develop significantly within the welded tube sector. As an experienced manager in the Italian steel industry, I was pleasantly surprised to find in AUCTUS not only a reliable and professional financial investor but also, and probably mostly, a partner with a clear and strong entrepreneurial mindset.”

The vendors were supported by the firm ADVANT Nctm (Michele Motta, Giovanni de’ Capitani di Vimercate, Lucilla Casati, and Vittoria Belcuore) as legal advisor.

On behalf of AUCTUS the transaction was managed and executed by Dr. Nicolas Himmelmann, Marco Bortot and Luca Astarita.

Your personal contacts

About AUCTUS
AUCTUS is the most active investment company for small- and medium-sized companies in Europe with more than 415 investments in the past 23 years. The focus of our investments is on majority holdings in companies with annual sales of between EUR 10 million and EUR 150 million. AUCTUS stands for sustainable organic and also inorganic growth by acquisitions. We achieve this in a trustful partnership together with the management of our companies. We are specialized in building successful medium-sized company groups – We create market leaders. The more than 35 experienced AUCTUS investment experts currently manage around 50 platform investments from various sectors of the economy. The sum of the platform investments with a total of more than 200 individual companies achieves annual sales of € 3 billion. Sales and results have been growing at >10% per year for years. Our successful work is regularly rewarded with prestigious awards and top international rankings.

Antwerp/Olen 5 February 2024 – Fronnt, an innovative alliance of installation companies founded in July 2022 in cooperation with investment companies Gimv and Tilleghem, has acquired another leading specialist.
Following the entry of Bovema International as the newest Fronnt member, the group consists of 14 companies and 485 employees. This steadily builds on an integrated multi-technical installation group, uniquely positioned to support organisations in the energy transition.

Today, this energy transition is in a crucial phase where the installation engineering and automation sector is becoming increasingly complex. Fronnt has extensive knowledge and know-how, which enables it to offer integrated solutions and fully unburden its customers. Bovema International’s entry into the group strengthens its offering in the field of innovative refrigeration.

SmartSD (www.SmartSD.com), a leading value-add distributor of security solutions, announces, together with its current financial partner Smile Invest and management, a new strategic partnership with Cobepa, a leading European private equity company. This partnership underscores SmartSD’s commitment to its vendor partners, clients and team, with Cobepa actively supporting its long-term development strategy centred on continued organic growth, unlocking M&A opportunities, digital leadership and the ambition to become the Pan-European market leader.

SmartSD views Cobepa as more than just an investor; it’s a strategic partner that mirrors its culture, values and mission, bringing vast experience and expertise to the table to continue SmartSD’s growth story. This partnership aims not just to secure the company’s future but also to foster the growth of its dedicated employee base.

SmartSD’s longstanding stakeholders — the co-founders, management team, as well as Smile Invest — remain fully (and financially) committed for this next growth phase alongside Cobepa, who takes a majority stake. Together, they aim to support SmartSD in further building out its European footprint both organically and through M&A, strengthening the digital platform, enhance offerings and services and continue being the partner of choice for SmartSD’s customers.

SmartSD and its shareholders were advised by Rothschild & Co (financial advisor).

Stefan Schreurs – Co-founder and sales manager, SmartSD
“The interest shown by a highly reputable private equity firm like Cobepa in SmartSD is a testament to what we have achieved with SmartSD until today, our drive for excellence, our adherence to strong company values and the pivotal role of our passionate people. The continued support of our vendor partners has been key to our growth over the past years, whilst the trust our customers have shown in us has been integral to our success; our dedication remains in providing them with a superior experience and continue offering them our comprehensive range of products and services. We thank Smile Invest for their support over the past few years and very much look forward to the next stage of our successful journey together.”

Jean-Marie Laurent Josi – CEO, Cobepa
“We are thrilled to support SmartSD which puts digital technology, vendor value creation and superior customer experience at its core. We look forward to writing the next exciting chapter in SmartSD’s growth journey together with its founder-led management team and Smile Invest.”

Bart Cauberghe – Managing Partner, Smile Invest
“It has been a privilege to support as a majority shareholder SmartSD’s outstanding team on their growth trajectory over the past 5 years with the entry into the French market and developing the most advanced digital platform in the security value added distribution industry. We welcome a like-minded shareholder which will undoubtedly strengthen our collective ambition. SmartSD’s success has always revolved around a deep-rooted commitment to values, innovation, and most importantly, its customers. Together with SmartSD’s management team and Cobepa, we aim to achieve new milestones and further SmartSD’s success.”
SmartSD (www.smartsd.com)
SmartSD is a value-add e-commerce distributor of security systems, offering products and services through its advanced digital platform in the areas of video surveillance, burglary protection, fire protection as well as access monitoring. SmartSD has partnerships with a wide range of best-in-class, third-party brands for which the company subsequently distributes products and related services to customers, predominantly serving professional installers and integrators, across the Benelux and France. Additionally, SmartSD also offers training and technical services to its customers, where installers learn about the products and services supplied. SmartSD was established in 2008 and is headquartered in Breda (NL) with additional offices in Merchtem (BE), Paris (FR) and Toulouse. The company employs c.110 FTEs.

Smile Invest (www.smile-invest.com)
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with ca. €500m of assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in three investment themes: digitalization, healthcare and sustainability. Since its inception in 2017 Smile Invest has built a portfolio of 15 companies. From its offices in Leuven and The Hague, the team supports ambitious entrepreneurs and management teams in realizing their growth plans.

Cobepa (www.cobepa.com)
Based in Brussels and established in 1957, Cobepa is a well-recognised private equity investor, with over €4.4bn net asset value. Cobepa has a track record of strong cooperation with the management teams of its portfolio companies and in partnership with co-investors it aims to enhance the growth perspectives of its investments as well as the sustainability of their business models. In the last 20 years, Cobepa has completed almost 100 transactions; it currently holds 19 other portfolio companies across a variety of sectors including business services, financial services, healthcare and industrials. Cobepa works with a team of ~50 professional investors across offices in Brussels, Munich and New York.

Establishing Metis Group marks a new step in the international buy-and-build strategy.

Eindhoven, 9 January 2024 – Variass, AME, and Gimv are delighted to announce the establishment of Metis Group, effective as of today, January 9, 2024. Metis Group is a group of electronics companies that provide Development, Manufacturing and Product Life Cycle Management services to customers. Metis Group aims to facilitate collaboration among its subsidiary companies by sharing best practices and optimizing production and development capabilities, thereby maximizing value for its customer base.

The step to establish the Metis Group is a logical one after the acquisition of a majority stake in AME in 2020 and Variass in 2022 by Gimv, a leading European investment company.

Metis Group: Together towards tomorrow
Metis Group’s companies are partnering with customers to develop and manufacture the innovations of tomorrow. With a combined revenue of well over EUR 100M+ and a strong and committed workforce of 450+ employees across multiple locations including Eindhoven, Veendam and Drachten in the Netherlands, Metis Group is ready to accelerate high-tech solutions together with its partners.

Metis Group is committed to positioning itself as a premier technology manufacturer in various segments of the industry, health, safety, energy, and climate markets. The goal is to significantly expand in the next years through both organic growth as well as strategic acquisitions. The subsidiaries under Metis Group will maintain their unique business operations while collaborating to launch new services, exchange best practices, and drive forward their collective ambition: Together towards tomorrow.

Leadership and Governance
Reinier Beltman will lead the Metis Group and will also continue his current CEO-role at AME. As a former CEO of Ampleon, Reinier has ample experience in realizing growth in a high-tech environment by continuously striving to maximize customer value. He will be complemented by Ronald Diederiks as CFO. They will be working closely together with the management teams of Variass and AME. The supervisory board is comprised of Henk Smid (founder and former CEO of Variass), Boris Wirtz and Tom Van de Voorde (both from Gimv). This seasoned leadership team is committed to steering Metis Group towards a future marked by innovation, market leadership, and to being an attractive employer with a high level of employee engagement.

Reinier Beltman, CEO of Metis Group, remarks “joining forces will accelerate our growth path and strengthen the partnerships with customers of each Metis Group company”.

Boris Wirtz, chairman of the supervisory board, added “the establishment of Metis Group as a platform for further buy-and-build marks a significant milestone in our journey. It reflects our shared commitment to excellence, innovation, and growth. As a Supervisory Board, we are excited to support a vision that not only propels our companies forward but also contributes significantly to the ‘smart industries sector’ we operate in”.

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• Press release 2024-01-09