Infrastructure funds managed by Apollo have invested in global tank container company Intermodal Tank Transport (ITT) to help expand the business.
Apollo said the unnamed funds have agreed to make a structured equity investment in ITT, without disclosing financial terms.
Founded in 1993, ITT provides ISO tank transportation logistics and depot services for bulk-liquid chemical and food-grade products. The company also provides tank maintenance, cleaning and inspection services across its global depot network.
Jon Hulsey, ITT鈥檚 president and CEO, said: 鈥淲e are thrilled to partner with Apollo to help accelerate our next phase of growth. We have a number of compelling opportunities to strengthen our global platform, and we believe Apollo鈥檚 deep understanding of our business, scale and extensive value-creation expertise will help us unlock the significant growth potential of our business.鈥�
David Cohen, partner at Apollo, said: 鈥淎s food, chemical and other industries increasingly turn to ISO tanks for reliable, safe transport, we believe ITT is well-positioned to expand its leadership position as a specialty logistics provider serving supply chains and owners of infrastructure around the globe.鈥�
Dylan Foo, the head of global infrastructure at Apollo, said: 鈥淭his investment in ITT demonstrates our ability to partner with leading global businesses and management teams to unlock value in complex operating environments.
鈥淲ith our flexible capital, global resources and significant industry experience, we believe we are well-positioned to support Jon and the ITT team as they continue to drive sustainable long-term success.鈥�
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