Thursday, February 22, 2024

Ashurst, Linklaters advise on Apollo´s acquisition of Primafrio

Ashurst has advised Apollo Global Management on its acquisition of Spain´s Primafrio, represented by Linklaters


The founders and current shareholders of Primafrio, a leading temperature-controlled infrastructure and logistics company in Europe, and Apollo have announced that they have entered into an agreement for funds managed by affiliates of Apollo to invest in Primafrio.

Apollo Infrastructure’s investment will help to accelerate Primafrio´s strategic growth plans, including investment in its infrastructure network and further international expansion.

Primafrio’s founders, executive chairman Juan Conesa and CEO José Esteban Conesa, will remain majority shareholders and continue to lead the growing business, which posted €506 million of revenues in 2021. Working alongside the Board and management team, Apollo Infrastructure will leverage its extensive experience in transportation and logistics to support Primafrio’s continued innovation and long-term value creation.

Established in 2007, Primafrio has become a European market leader, specialising in temperature-controlled logistics services spanning transport, consolidation and warehousing for perishable foods, pharmaceuticals, and other high-value goods. Today, the company operates a fleet of over 2,300 vehicles and more than 45 logistics centres across more than 25 countries in Europe, with its core markets being Germany, the United Kingdom, France, and Iberia.

Dylan Foo, co-head of Global Infrastructure at Apollo, said, “Primafrio is a marquee asset and we are pleased to support its success and expansion in Europe, where we continue to grow Apollo’s infrastructure business and portfolio. In making this investment, we were attracted to the scale, resiliency, and operational excellence of Primafrio, as well as its strong commitments to sustainability and the energy transition in the transport and logistics sector, which are key priorities for Apollo.”

Evercore Partners International LLP acted as sole financial adviser to Primafrio and Linklaters LLP served as sole legal adviser. Ashurst LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors to Apollo Infrastructure.

The transaction is subject to certain regulatory approvals and is expected to close by mid-2022.

Ashurst advised Apollo with a Corporate/M&A team formed by Madrid managing partner Jorge Vázquez, counsel Francisco Vázquez Oteo and associates Marta Timoner, María López-Garayalde, Cristina López-Canosa, Nicolás Zúñiga and Jesús Gallego, a Competition and EU Law team including partner Rafael Baena, a Real Estate team made up of senior associate Maria Antonia de Prada and associate Carmen García, a Labour team comprising head of practice Cristina Grande, a Public Law team with senior associate Soledad Adell and associate Pedro Montero, a Finance team with partner Jose Christian Bertram, and a Tax team formed by partner Javier Hernández Galante and senior associate José Carlos Rodea.

Corporate/M&A senior associate Mariana Simon advised from the firm´s Paris office.

Legal Dealmaker asked Linklaters about the deal´s team but the firm did not provide any information.

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