Apollo Global Takes Majority Stake in ABC Technologies Holdings
Funds managed by affiliates of
Apollo Global Management Inc. have acquired majority stake in
ABC Technologies Holdings Inc. from its majority shareholder,
ABC Group Canada LP, an affiliate of funds managed by
Cerberus Capital Management LP. Under the terms of the agreement, the Apollo funds will purchase 51% of the outstanding common shares (on a fully-diluted basis) of the company from ABC LP for CAD$10.00 (USD$8.00) per common share.
ABC Technologies president and CEO
Todd Sheppelman said, “ABC’s strong operational and financial performance, combined with its near-term opportunities as a platform for industry consolidation in the automotive technical plastics space, led to an unsolicited offer from the Apollo Funds to acquire a majority stake in the company and join in the journey outlined during ABC’s recent IPO process. We are excited to gain access to Apollo’s expertise and resources and look for
Reed Smith Hires in Global Corporate Team
Global law firm
Reed Smith has hired
John Ngo to the firm’s global corporate group in New York. A former in-house lawyer who was most recently with
Greenberg Traurig LLP, Ngo joins as counsel and adds depth to the firm’s rapidly expanding services with special purpose acquisition company transactions.
“Our SPAC team, led by partner
Ari Edelman in New York, has seen a rapid uptick in the number of de-SPAC and SPAC IPO transactions it has advised on since last fall,” said
James Tandler, chair of Reed Smith’s U.S. corporate group. “John has extensive experience working on various types of transactions, including de-SPAC transactions, and mergers and acquisitions in healthcare, technology, telecommunications, insurance, manufacturing, private equity and various other industry sectors.”
Pathway Vet Alliance Purchases Vetspire
Pathway Vet Alliance, a U.S. veterinary management group serving pets and owners, has acquired
Vetspire, an artificial intelligence veterinary medical record and practice management platform, the company announced Tuesday. Terms of the acquisition were not disclosed.
“In addition to Vetspire’s excellent practice management platform and medical records system, one of the things that made this acquisition an attractive opportunity was their vision to create an experience that allows veterinarians to focus on what they love – providing care for pets and people who love them,” said
Stephen Hadley, CEO of Pathway Vet Alliance. “Both of our companies share this philosophy and maintain a commitment to evolve the industry for the better.”
Rainier Partners Acquires Calpine Containers
Rainier Partners has acquired
Calpine Containers Inc., and its subsidiaries in partnership with members of the Company’s management team. Headquartered in Clovis, CA, Calpine is a West Coast packaging distributors serving the agriculture industry.
“The entire Calpine team is excited to partner with Rainier,” said
Walt Tindell, CEO of Calpine. “Since Calpine’s founding in 1895, we have worked hard to establish a reputation for excellent service and dependability. We look forward to continuing that tradition with Rainier’s support. Rainier’s distribution industry expertise and experience will be invaluable as we work to better serve our customers and capitalize on compelling growth opportunities in the market.”