Apollo Funds, together with Rettig, complete the acquisition of a 94.53% stake in Purmo Group Plc
Apollo-managed funds and Rettig Oy Ab have completed the acquisition of a 94.53% stake in Purmo Group Plc, a leader in sustainable indoor-climate solutions. The transaction, executed through Project Grand Bidco (UK) , will result in Apollo funds owning 80% and Rettig 20% of Purmo Group after delisting from Nasdaq Helsinki. Shareholders received €11.06 per C share, while Rettig received €10.53 per C share. The acquisition aims to accelerate Purmo Group's growth strategy and support its role in the clean energy transition. This deal aligns with Apollo's focus on energy transition and sustainability-related investments, which have totaled over $40 billion in the last five years.
I fondi gestiti da Apollo e Rettig Oy Ab hanno completato l'acquisizione di una partecipazione del 94,53% in Purmo Group Plc, un leader nelle soluzioni sostenibili per il clima interno. La transazione, eseguita attraverso Project Grand Bidco (UK), porterà i fondi Apollo a possedere l'80% e Rettig il 20% del Purmo Group dopo la delisting da Nasdaq Helsinki. Gli azionisti hanno ricevuto €11,06 per azione di tipo C, mentre Rettig ha ricevuto €10,53 per azione di tipo C. L'acquisizione mira ad accelerare la strategia di crescita di Purmo Group e a supportare il suo ruolo nella transizione verso l'energia pulita. Questo accordo è in linea con l'attenzione di Apollo sulla transizione energetica e sugli investimenti legati alla sostenibilità, che hanno superato i $40 miliardi negli ultimi cinque anni.
Los fondos gestionados por Apollo y Rettig Oy Ab han completado la adquisición de una participación del 94,53% en Purmo Group Plc, un líder en soluciones sostenibles para el clima interior. La transacción, llevada a cabo a través de Project Grand Bidco (UK), resultará en que los fondos de Apollo posean el 80% y Rettig el 20% de Purmo Group después de su exclusión de Nasdaq Helsinki. Los accionistas recibieron €11,06 por acción C, mientras que Rettig recibió €10,53 por acción C. La adquisición tiene como objetivo acelerar la estrategia de crecimiento de Purmo Group y apoyar su papel en la transición hacia la energía limpia. Este acuerdo se alinea con el enfoque de Apollo en la transición energética y las inversiones relacionadas con la sostenibilidad, que han superado los $40 mil millones en los últimos cinco años.
아폴로가 관리하는 펀드와 레티그 오이 애브가 푸르모 그룹 Plc의 94.53% 지분을 인수 완료했습니다. 이는 지속 가능한 실내 기후 솔루션의 선두주자입니다. 이번 거래는 Project Grand Bidco(영국)를 통해 시행되었으며, 아폴로 펀드는 푸르모 그룹의 80%를 소유하고 레티그가 20%를 소유하게 됩니다. 나스닥 헬싱키에서 상장폐지된 후입니다. 주주들은 C주당 €11.06을 수령했습니다, 레티그는 C주당 €10.53을 받았습니다. 이번 인수는 푸르모 그룹의 성장 전략을 가속화하고 청정 에너지 전환에서의 역할을 지원하기 위한 것을 목표로 합니다. 이 거래는 아폴로의 에너지 전환 및 지속 가능성 관련 투자의 초점과 일치하며, 지난 5년 동안 400억 달러 이상의 투자가 이루어졌습니다.
Les fonds gérés par Apollo et Rettig Oy Ab ont achevé l'acquisition d'une participation de 94,53% dans Purmo Group Plc, un leader des solutions durables pour le climat intérieur. La transaction, réalisée par le biais de Project Grand Bidco (R-U), fera que les fonds Apollo posséderont 80 % et Rettig 20 % de Purmo Group après sa radiation de Nasdaq Helsinki. Les actionnaires ont reçu 11,06 € par action de type C, tandis que Rettig a reçu 10,53 € par action de type C. L'acquisition vise à accélérer la stratégie de croissance du Purmo Group et à soutenir son rôle dans la transition vers une énergie propre. Cet accord s'aligne avec l'accent mis par Apollo sur la transition énergétique et les investissements liés à la durabilité, qui ont totalisé plus de 40 milliards de dollars au cours des cinq dernières années.
Die von Apollo verwalteten Fonds und Rettig Oy Ab haben die Akquisition eines 94,53% Anteils an Purmo Group Plc abgeschlossen, einem führenden Anbieter von nachhaltigen Lösungen für das Innenraumklima. Die Transaktion, die über Project Grand Bidco (UK) durchgeführt wurde, wird dazu führen, dass die Apollo-Fonds 80% und Rettig 20% des Purmo Group nach der Delistung von Nasdaq Helsinki besitzen. Die Aktionäre erhielten €11,06 pro C-Aktion, während Rettig €10,53 pro C-Aktion erhielt. Die Akquisition zielt darauf ab, die Wachstumsstrategie der Purmo Group zu beschleunigen und ihre Rolle im Übergang zu sauberer Energie zu unterstützen. Dieses Geschäft steht im Einklang mit Apollos Fokus auf Energiewende und nachhaltigkeitsbezogene Investitionen, die in den letzten fünf Jahren über 40 Milliarden Dollar betrugen.
- Acquisition of 94.53% stake in Purmo Group, a leader in sustainable indoor-climate solutions
- Apollo funds to own 80% of Purmo Group, providing significant resources and expertise
- Potential for accelerated growth and expansion in Europe and beyond
- Alignment with Apollo's $40 billion+ energy transition and sustainability-related investments
- Continued support from Rettig as a strategic minority shareholder with 20% ownership
- Delisting of Purmo Group from Nasdaq Helsinki Stock Exchange, reducing public market access
- Potential integration challenges and organizational changes following the acquisition
Insights
The acquisition of 94.53% stake in Purmo Group by Apollo funds and Rettig marks a significant shift in ownership structure. This move towards privatization, with plans to delist from Nasdaq Helsinki, suggests a strategic focus on long-term growth and operational flexibility. The transaction values Purmo Group's shares at
This acquisition underscores the growing importance of clean energy transition in private equity investments. Apollo's dedicated Clean Transition equity team, part of their Sustainable Investing Group, signals a strategic focus on energy transition, sustainable mobility and industrial decarbonization. Purmo Group's leadership in sustainable indoor-climate solutions aligns perfectly with this strategy. The partnership could accelerate Purmo's sustainability initiatives, potentially leading to innovative product development and expanded market reach. With Apollo's substantial
The acquisition of Purmo Group by Apollo funds and Rettig presents interesting market dynamics. Purmo's extensive customer base across 100+ countries provides a solid foundation for growth. The shift to private ownership could enable more agile decision-making and potentially faster market responsiveness. However, challenges lie ahead in navigating the competitive landscape of indoor climate solutions. The success of this venture will largely depend on how effectively Apollo and Rettig can leverage their combined expertise to drive innovation and market expansion. The transaction also highlights the increasing consolidation trend in the sustainable technologies sector, as private equity firms seek to capitalize on the growing demand for clean energy solutions. This could potentially reshape competitive dynamics in the industry, with implications for both established players and emerging startups.
NEW YORK, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds associated with its Clean Transition Equity strategy, together with strategic minority co-investor Rettig Oy Ab (“Rettig”), have through the special purpose vehicle Project Grand Bidco (UK) Limited completed the previously announced acquisition of a
After delisting, as a privately owned business led by Chief Executive Officer John Peter Leesi and the current management team, Purmo Group will continue to design, manufacture and distribute high quality products and solutions to over 100,000 customers in more than 100 countries.
Apollo Partner Waleed Elgohary said, “We are thrilled to partner with Rettig, John Peter and the talented Purmo team to build on their leadership in sustainable indoor climate solutions. We look forward to supporting the management team to unlock Purmo Group’s growth potential and play an increasingly meaningful role in helping to facilitate the clean energy transition.”
Purmo Group CEO John Peter Leesi said, “The completion of this transaction marks a significant milestone in Purmo Group’s journey, providing additional resources, expertise and a longer investment horizon that’s really required to accelerate our ambitious growth strategy in Europe and beyond. We are excited to leverage the experience and support of the Apollo and Rettig teams in this next chapter of our global sustainability journey.”
Matts Rosenberg, CEO of Rettig, said, “This transaction is aligned with our stated strategic ambition of reducing our ownership in Purmo Group, while also enabling us to continue supporting the company and Apollo funds as a strategic minority shareholder by providing insights and institutional knowledge gathered throughout our more than 50 years of ownership. We firmly believe that this transaction is attractive and beneficial for Purmo Group and all of its stakeholders.”
“This exciting acquisition builds on more than
Apollo’s dedicated Clean Transition equity team is part of Apollo’s Sustainable Investing Group. The Clean Transition strategy focuses on opportunities across energy transition, sustainable mobility, industrial decarbonization, and sustainable resource use.
Pursuant to the terms of the transaction previously announced, Purmo Group’s shareholders, other than Rettig, are entitled to receive
Advium Corporate Finance Ltd., Jefferies International Limited, J.P. Morgan Securities plc, Nordea Bank Abp and RBC Europe Limited served as financial advisers, and Sidley Austin LLP, Roschier, Attorneys Ltd., Avance Attorneys Ltd., Latham & Watkins LLP and Norton Rose Fulbright served as legal advisers to Apollo funds and the investor group. Danske Bank served as financial adviser and Castrén & Snellman Attorneys Ltd and Hannes Snellman Attorneys Ltd provided legal advice to Purmo Group.
------
ⁱAs of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.
About Purmo Group
Purmo Group is at the centre of the global sustainability journey by offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. Purmo Group provides complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Purmo Group’s mission is to be the global leader in sustainable indoor climate comfort solutions. Purmo Group’s more than 3,000 employees operate in 23 countries, manufacturing and distributing top-quality products and solutions to its over 100,000 customers in more than 100 countries.
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 June 30, 2024, Apollo had approximately
About Rettig
Rettig is a family-owned investment company that creates value for generations. Our investment strategy focuses on both listed and private investments globally, and sets out to generate attractive over-the-cycle returns while maintaining an appropriate risk level in the portfolio. A cornerstone in our investment strategy is the ambition to cooperate with professional and like-minded partners and co-investors. Rettig is controlled by the 9th generation of the von Rettig family.
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 / EuropeanMedia@apollo.com
Katariina Kataja (on behalf of Purmo Group)
Head of Investor Relations
+358 40 527 1427
katariina.kataja@Purmogroup.com
FAQ
What percentage stake did Apollo funds acquire in Purmo Group (APO)?
How much did shareholders receive per share in the Purmo Group acquisition (APO)?
What is the ownership structure of Purmo Group after the Apollo (APO) acquisition?
How does the Purmo Group acquisition align with Apollo's (APO) investment strategy?
