LOS
ANGELES, Oct. 8, 2024 /PRNewswire/ -- SCI Capital
Partners LP ("SCI") today announced that it has closed a structured
continuation vehicle transaction in partnership with funds managed
by Apollo (NYSE: APO) (the "Apollo Funds") to support the continued
growth of SCI owned companies Morton Salt and Reddy Ice. SCI will continue to control both
companies.
Apollo Funds anchored the transaction with support from a
high-quality syndicate of new institutional investors. SCI
continues to control both companies while benefitting from the
strategic support, sector and operational expertise of the Apollo
platform. SCI legacy investors and company management teams remain
significant investors.
Morton Salt is the largest pure-play salt company globally, with
a 175-year operating history and leading positions across end
markets and salt categories, as well as a diverse and brand-loyal
customer base. Reddy Ice is the
largest packaged ice manufacturer in the
United States with diversified sales channels across retail
markets and an extensive installed base of machines and
merchandisers across geographies. As previously announced,
Reddy Ice recently made its first
international acquisition of Fábrica de Hielo Apodaca, S.A. de C.V.
(known as Aguafría), the largest ice manufacturer in Mexico.
SCI Managing Partner, Adam Cohn
said: "We look forward to working with the Apollo team and
accessing their institutional expertise, while also continuing to
work with the Morton Salt and Reddy
Ice management teams to execute on their long-term strategic
operating plans. We thank the SCI legacy investors for their
continued support."
Apollo Partners Veena Isaac and Justin
Korval said, "We are pleased to partner with SCI and deliver
a scaled, highly aligned capital solution that provides benefits to
all parties. We believe that Morton Salt and Reddy Ice represent iconic industrial and
consumer-facing assets that are well-positioned for long-term
growth, and we look forward to working with SCI and company
management to pursue both organic and inorganic value creation
initiatives. Our ability to structure, anchor and bring new
institutional investors into the continuation vehicle demonstrates
our creative, partnership-oriented approach, as well as the
strength and connectivity of Apollo's integrated platform."
PJT Partners served as financial advisor, Gibson Dunn served as
legal counsel and Ernst & Young served as tax advisor to SCI.
UBS Investment Bank served as financial advisor and Proskauer Rose
LLP served as legal counsel to the Apollo Funds.
About SCI Capital Partners LP
SCI Capital Partners LP ("SCI") is an investment advisory firm,
focused on market-leading companies that operate in essential
industries and provide mission-critical products and services to
customers around the world. SCI seeks to build out industrial
companies, in stable and mature industries, that possess favorable
economic dynamics with high barriers to entry and within fragmented
industries poised to create or strengthen a market leader through
consolidation. For more information, please visit
www.scicp.com.
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 credit to private 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 $696
billion of assets under management. To learn more, please
visit www.apollo.com.
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SOURCE SCI Capital Partners LP