State Group: Driving Energy Transition with Apollo's Support
Deal News | Nov 18, 2024 | Apollo
Apollo Global Management's Impact and Clean Transition funds have acquired a majority stake in The State Group (TSG) from Blue Wolf Capital. TSG, a leading provider of multi-trade services, is known for its work in industrial sectors, contributing to energy optimization and decarbonization efforts. With Apollo's support, TSG aims to advance its growth, focusing on expanding capabilities to meet the evolving needs of its North American customers. While Blue Wolf Capital retains a minority share, the acquisition underscores the potential for joint industrial ventures in the energy transition sector. Financial terms of the deal were not disclosed. Moelis & Company served as a financial advisor, supported by legal counsel from several firms including Holland & Knight LLP for TSG and Latham & Watkins LLP for Apollo. Apollo, a global alternative asset manager with approximately $733 billion under management as of September 2024, continues to invest in companies with a focus on sustainability and energy efficiency globally.
Sectors
- Industrial Services
- Private Equity
- Energy Transition
Geography
- United States – Apollo Global Management is based in New York, and The State Group has operations across the U.S.
- Canada – The State Group has facilities and longstanding operations in Canada.
- North America – TSG's growth focus is on North American operations, highlighting the geographical market.
Industry
- Industrial Services – The State Group operates in industrial services, providing electrical, mechanical, robotics, and automation services across various sectors.
- Private Equity – Apollo Global Management's involvement represents the role of private equity in strategic acquisitions and growth investments.
- Energy Transition – TSG's role in enabling customers to optimize and reduce energy use highlights the relevance of the energy transition industry.
Financials
- Not disclosed – Financial terms of the transaction have not been disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apollo Global Management, Inc. | Acquirer/Bidding Company | Company | A global alternative asset manager investing in companies with a focus on sustainability and energy efficiency. |
| The State Group | Target Company | Company | A leading provider of industrial and specialty services in North America. |
| Blue Wolf Capital | Selling Company/Vendor | Company | A private equity firm that sold its majority stake but retains a minority stake in TSG. |
| Moelis & Company | Financial Advisor | Company | Provided financial advisory services to The State Group in the acquisition. |
| Holland & Knight LLP | Legal Advisor | Company | Provided legal counsel to The State Group. |
| Davies Ward Phillips & Vineberg LLP | Legal Advisor | Company | Provided additional legal services to The State Group. |
| Latham & Watkins LLP | Legal Advisor | Company | Acted as legal advisors to Apollo Funds. |
| Blake, Cassels & Graydon LLP | Legal Advisor | Company | Provided legal counsel to Apollo Funds. |
| Michael Lampert | CEO | Person | CEO of The State Group highlighting the company's growth strategy. |
| Christine Hommes | Partner | Person | Partner at Apollo involved in the firm's energy transition investments. |