Apollo Hybrid Value Funds to Provide Capital Solution to Mass Customization Leader Cimpress
April 29 2020 - 8:00AM
Apollo Global Management, Inc. (NYSE: APO) (together with its
consolidated subsidiaries, “Apollo” or the “Firm”) today announced
that certain funds managed by its affiliates have entered into an
agreement to provide a $300 million secured note to Cimpress
(Nasdaq: CMPR), a leading global e-commerce provider of customized
print, signage, merchandise and other marketing products to small
and medium-sized businesses. For Apollo, the deal marks the second
large capital solutions transaction led by its Hybrid Value
business this month, bringing its April investment total to $900
million.
“Cimpress is an established leader in mass
customization, serving millions of small business customers through
leading brands such as its flagship Vistaprint business. The
durable demand for its products and services has driven significant
growth over the past twenty years, and we believe its products are
critical to small businesses during both challenging and stable
times. This investment helps optimize the company’s capital
structure, and we look forward to working with Robert, Sean and the
rest of the management team,” said Reed Rayman, Partner in Private
Equity at Apollo.
The Hybrid Value business leverages the deep
expertise of Apollo’s private equity and credit businesses to
provide debt and equity solutions to corporates across the globe.
Last week, Hybrid Value and related Apollo funds were able to act
expeditiously and sign a $600 million preferred equity investment
in Expedia (NASDAQ: EXPE), the market leader in online travel
brands, under a similarly compressed timeline. The investment will
help ensure Expedia has the financial flexibility and resources to
emerge from the current economic environment in a position of
strength.
Matt Michelini, Senior Partner and Co-Head of
Hybrid Value, said: “When we created Hybrid Value, we saw the
opportunity to use our underwriting and sector expertise to be a
flexible and responsive capital partner to businesses. In
challenging times like we are seeing now, companies frequently
require expeditious, tailored capital solutions from a value-add
strategic partner that can underwrite complex situations. This is
evidenced by the fact Hybrid Value and related funds have invested
$900 million in debt and equity in the past week alone through the
platform.”
Rob Ruberton, Senior Partner and Co-Head of
Hybrid Value, added: “The Cimpress and Expedia investments showcase
our ability to work alongside company founders, management and
large stakeholders, including those of market-leading public
companies, to deliver bespoke debt or equity capital solutions. Our
investments allow Cimpress to obtain covenant relief under its
credit facility and will help improve Expedia’s liquidity position.
In both transactions, Hybrid Value’s integration with Apollo’s
Private Equity business, and our ability to commit to sizeable
investments in a short timeframe helped differentiate Apollo from
other alternatives.”
Apollo’s Hybrid Value business is a natural
extension of its integrated global platform that operates without
barriers among its Private Equity, Credit and Real Assets teams.
Apollo believes this differentiated approach allows the Firm to
better leverage opportunistic and risk management insights to
successfully invest capital throughout market cycles and at
different levels of the capital structure. Hybrid Value closed on
its inaugural $3.25 billion fund in March of 2019 and the fund is
currently over 60% committed.
Advisors In the Cimpress
transaction, LionTree LLC served as lead financial advisor to
Apollo, and BMO Capital Markets Corp. provided additional financial
advisory services. Paul, Weiss, Rifkind, Wharton & Garrison LLP
served as legal counsel to Apollo.
In the Expedia transaction, Evercore acted as
lead financial advisor to Apollo; Goldman Sachs & Co. LLC also
advised Apollo. Sidley Austin LLP and Paul, Weiss, Rifkind,
Wharton & Garrison LLP served as legal counsel to
Apollo.
About ApolloApollo is a leading
global alternative investment manager with offices in New
York, Los Angeles, San Diego, Houston,
Bethesda, London, Frankfurt, Madrid, Luxembourg,
Mumbai, Delhi, Singapore, Hong
Kong, Shanghai and Tokyo. Apollo had assets under
management of approximately $331 billion as of
December 31, 2019 in credit, private equity and real assets
funds invested across a core group of nine industries where Apollo
has considerable knowledge and resources. For more information
about Apollo, please visit www.apollo.com.
Contact Information
Apollo Global Management
For investors please contact: Gary M. Stein Head of Investor
Relations Apollo Global Management, Inc. (212) 822-0467
gstein@apollo.com
Ann DaiInvestor Relations ManagerApollo Global Management,
Inc.(212) 822-0678adai@apollo.com
For media inquiries please contact: Joanna Rose Global Head of
Corporate Communications Apollo Global Management, Inc. (212)
822-0491 jrose@apollo.com
Charles Zehren Rubenstein Associates, Inc. for Apollo Global
Management, Inc. (212) 843-8590 czehren@rubenstein.com
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