Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by its affiliates (the “Apollo Funds”) have entered into a definitive agreement to acquire EmployBridge, the largest industrial staffing company in the United States.

“EmployBridge is a leading provider of specialized workforce solutions and uniquely positioned to support the increasing and complex demands of corporations across the supply chain,” said Robert Kalsow-Ramos, Private Equity Partner at Apollo. “Looking forward, we see a significant opportunity to grow and enhance the EmployBridge platform through investments in technology and the associate experience and continuing to introduce innovative new engagement models. We are excited to work with Michael and the broader EmployBridge leadership team on this next phase of development and have tremendous respect for all that they have accomplished.”

“This is a significant milestone for our company made possible by the tremendous work of our teams who are the strength behind our brands and who are passionate about finding solutions to enhance the associate experience,” said Michael Miles, CEO of EmployBridge. “With an estimated $28 billion addressable market, this transaction presents an opportunity to lead the way in our industry, enabling us to leverage our industry expertise and leadership position to accelerate growth, particularly in the logistics space, which is seeing incredible demand.”

Al Aguirre, Chairman of the Board, EmployBridge, added, “We’ve had an amazing partnership with EmployBridge over the past seven years to create the largest industrial staffing company in the US. Given current market dynamics and the strong demand for labor across the supply chain, our Board of Directors determined this transaction with Apollo was in the best interest of our shareholders and would provide the best path to accelerate EmployBridge’s growth.”

Subject to satisfaction of customary closing conditions including regulatory approvals, the transaction is expected to be completed by July 2021. The terms and conditions of the transaction were not disclosed.

Houlihan Lokey and Royal Bank of Canada served as financial advisors to the Apollo Funds in connection with the transaction. Akin, Gump, Strauss, Hauer, & Feld LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to the Apollo Funds. Credit Suisse acted as lead financial advisor to EmployBridge, with William Blair also advising the company. Milbank LLP is acting as legal counsel to EmployBridge. Royal Bank of Canada, Wells Fargo, Credit Suisse, Barclays, Deutsche Bank, Macquarie Capital and Mizuho Bank are providing financing for the transaction.