Apollo Infrastructure agrees to invest in Primafrio to accelerate infrastructure expansion, international growth, and sustainability initiatives
21 März 2022 - 2:00PM
The founders and current shareholders of Primafrio (the “Company”),
a leading temperature-controlled infrastructure and logistics
company in Europe, and Apollo (NYSE: APO) announced that they have
entered into an agreement for funds (“Apollo Infrastructure”)
managed by affiliates of Apollo to invest in Primafrio. Apollo
Infrastructure’s investment will help to accelerate the Company’s
strategic growth plans, including investment in its infrastructure
network and further international expansion.
Primafrio’s founders, Executive Chairman Juan
Conesa and CEO José Esteban Conesa, will remain majority
shareholders and continue to lead the growing business, which
posted €506 million of revenues in 2021 (+10.5% YOY). Working
alongside the Board and management team, Apollo Infrastructure will
leverage its extensive experience in transportation and logistics
to support Primafrio’s continued innovation and long-term value
creation.
Established in 2007, Primafrio has become a
European market leader, specializing in temperature-controlled
logistics services spanning transport, consolidation and
warehousing for perishable foods, pharmaceuticals, and other
high-value goods. Today, the Company operates a fleet of over 2,300
vehicles and more than 45 logistics centres across more than 25
countries in Europe, with its core markets being Germany, the
United Kingdom, France, and Iberia. The Company’s long-held focus
on technological innovation, sustainability, and compliance has
contributed to its high rates of customer satisfaction and
retention.
Juan Conesa and José Esteban Conesa highlighted,
“Primafrio and its founding family are very satisfied to welcome
Apollo Infrastructure as our long-term strategic partner. As one of
the largest and most reputable global infrastructure investors, we
believe their investment not only underscores the strong potential
of the temperature-controlled transportation and logistics sector
in Europe but also validates the competitive advantages of this
Spanish and Murcia-based company.”
Dylan Foo, Co-Head of Global Infrastructure at
Apollo, said, “Primafrio is a marquee asset and we are pleased to
support its success and expansion in Europe, where we continue to
grow Apollo’s infrastructure business and portfolio. In making this
investment, we were attracted to the scale, resiliency, and
operational excellence of Primafrio, as well as its strong
commitments to sustainability and the energy transition in the
transport and logistics sector, which are key priorities for
Apollo. We are also pleased to have leveraged the strength of our
platform, navigating the current market volatility to commit to an
attractive investment for our LPs where we can apply our expertise
to help accelerate Primafrio’s growth.”
Apollo Partner, David Cohen, added, “We are
excited about the partnership with Primafrio and look forward to
supporting its near-term decarbonization initiatives, as well as
the build out of additional temperature-controlled infrastructure
across Europe to facilitate the growth of the company’s diverse
customer base.”
Evercore Partners International LLP acted as
sole financial adviser to Primafrio and Linklaters LLP served as
sole legal adviser. Ashurst LLP and Paul, Weiss, Rifkind, Wharton
& Garrison LLP acted as legal advisors to Apollo
Infrastructure.
The transaction is subject to certain regulatory
approvals and is expected to close by mid-2022.
About Primafrio
Primafrio is an international logistics operator
specialized in providing mission critical temperature-controlled
logistics services such as transport, consolidation and warehousing
of perishable foods, pharmaceuticals, and other high-value goods.
Primafrio represents one of the most successful stories in the
logistics sector since its inception in 2007. With a fleet of over
2,300 vehicles, Primafrio operates more than 60 logistic centres
across Europe. The company is a global leader in terms of
technological innovation and its sustainability model, and its
strategy is unique within the sector. Primafrio currently operates
in 25 countries, with Germany, United Kingdom, France and Iberia
being its core markets. In 2021, the company posted €506m of
revenue.
About Apollo
Apollo is a global, high-growth 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 business 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, 2021, Apollo had
approximately $498 billion of assets under management. To learn
more, please visit www.apollo.com.
Primafrio Contact
Information:
Patricia Crespopatricia.crespo@evercom.es José
Tamaritjose.tamarit@evercom.eswww.primafrio.com 91 577 92
72
Apollo Contact Information:For
Investors:Noah GunnGlobal Head of Investor Relations(212)
822-0540IR@apollo.com
For Media:Joanna RoseGlobal Head of Corporate
Communications(212) 822-0491Communications@apollo.com
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