Apollo’s $7 bln ADT deal comes with extra security

February 16, 2016

It’s an alarming buyout given the state of credit markets. The LBO firm and co-investors, though, are kicking in a big slug of equity to keep debt at a relatively safe level. Merging ADT with another Apollo-owned company should add cost savings and help lock up a decent return.

Apollo strains to heed LBO mission control

June 3, 2015

Leon Black’s private equity shop is paying a headline valuation of 9.4 times EBITDA for specialty chemicals maker OM Group. Side deals will lower the multiple but Apollo’s avowed discipline looks tough in a pricey market. It’s a small buyout that illustrates a bigger industry problem.

Dry powder may explode in buyout barons’ faces

December 18, 2014

Everything is going up in private equity except deal volume. Acquisition multiples are at a record high, as is competition from corporate buyers. For big firms such as Apollo and Blackstone, $1.5 trln of purchasing power may be tough to deploy without cratering returns.

It’s finally IPO showtime for Leon Black’s Apollo

January 18, 2011

Apollo's IPO plans have aged well. Last week Leon Black's buyout shop filed the sixth iteration of its prospectus, the first of which was submitted to securities regulators three years ago.

Apollo’s energy IPO gives new life to quick flips

September 30, 2013

Leon Black’s shop is taking EP Energy public less than 18 months after leading a $7.2 bln takeover. The turnaround contrasts starkly with the trend of longer buyout holding times. The twofold return on paper shows that private equity can still dig into its old bag of tricks.

Private equity titans revel in Great Separation

November 8, 2013

A blowout quarter at Leon Black’s buyout shop helped it stand out from rivals. Investors are finally starting to distinguish among Apollo, Blackstone, Carlyle and KKR. That should be a welcome change even if it reflects some short-term thinking about a long-term business.