Apollo Closes $1.85 Billion Acquisition of U.S. Silica
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U.S. Silica Holdings and Apollo said that funds managed by affiliates of Apollo have completed the acquisition of the company. The company will continue to operate under the U.S. Silica name and brand and will continue to be led by Bryan Shinn and the existing executive team.
“The closing of this transaction with Apollo Funds begins an exciting new chapter in the storied history of U.S. Silica. In Apollo Funds, we have found an experienced partner who shares with us an aligned vision for future growth,” said Bryan Shinn, chief executive officer of U.S. Silica.
“Our ability to take this step from a position of strength is a testament to the company’s excellent foundation and the dedication of our employees. We look forward to executing on the growth opportunities in front of us,” added Shinn.
“We are pleased to complete this acquisition and support the exceptional U.S. Silica management team as the company embarks on its next phase of growth. With its high-quality reserve base and culture of innovation to provide performance-driven customer solutions, U.S. Silica is a strong platform which we believe we can build on for future success, leveraging our significant industry expertise,” said Gareth Turner, partner at Apollo.
U.S. Silica Holdings is a global performance materials company and is a member of the Russell 2000. The company is a leading producer of commercial silica used in the oil and gas industry and in a wide range of industrial applications. Over its 124-year history, U.S. Silica has developed core competencies in mining, processing, logistics, and materials science that enable it to produce and cost-effectively deliver over 800 diversified products to customers across our end markets. U.S. Silica’s wholly-owned subsidiaries include EP Minerals and SandBox Logistics™. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics™ is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The company has 26 operating mines and processing facilities and two additional exploration stage properties across the United States and is headquartered in Katy, Texas.
Apollo is a high-growth, global alternative asset manager. In its asset management business, they seek to provide clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, their investing expertise across its fully integrated platform has served the financial return needs of clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, they specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. As of December 31, 2023, Apollo had approximately $651 billion of assets under management.
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