Apollo completes acquisition of 94.53% stake in Purmo Group

Apollo announced that Apollo-managed funds associated with its Clean Transition Equity strategy, together with strategic minority co-investor Rettig Oy, have through the special purpose vehicle Project Grand Bidco Limited completed the previously announced acquisition of a 94.53% equity ownership stake in Purmo Group Plc, a leader in sustainable indoor-climate solutions. Apollo funds and Rettig will look to acquire the remaining outstanding shares through Project Grand Bidco Limited and delist Purmo Group from the Nasdaq Helsinki Stock Exchange in the near future, resulting in Apollo funds owning 80% and Rettig 20% of Purmo Group. After delisting, as a privately owned business led by Chief Executive Officer John Peter Leesi and the current management team, Purmo Group will continue to design, manufacture and distribute high quality products and solutions to over 100,000 customers in more than 100 countries. Pursuant to the terms of the transaction previously announced, Purmo Group’s shareholders, other than Rettig, are entitled to receive EUR 11.06 in cash for each C share of Purmo Group, whereas the price paid to Rettig is EUR 10.53 for each of its C shares. The price paid for each F share ineligible for conversion into C shares is EUR 6.75. Prior to the transaction, Rettig was the majority shareholder in Purmo Group.