SCI Capital Partners LP Receives $1.6 Billion Investment from Apollo Funds to Facilitate Structured Continuation Vehicle

Core Insights - SCI Capital Partners LP has closed a structured continuation vehicle transaction with Apollo Funds to support the growth of Morton Salt and Reddy Ice, with SCI maintaining control over both companies [1][2] Group 1: Company Overview - Morton Salt is the largest pure-play salt company globally, with a 175-year history and strong positions in various end markets and salt categories [3] - Reddy Ice is the largest packaged ice manufacturer in the U.S., with diversified sales channels and a significant installed base of machines across different geographies [3] - Reddy Ice has made its first international acquisition of Fábrica de Hielo Apodaca, S.A. de C.V., the largest ice manufacturer in Mexico [3] Group 2: Strategic Partnerships - Apollo Funds provided support through a syndicate of new institutional investors, enhancing the strategic and operational expertise available to SCI [2][4] - SCI's Managing Partner expressed optimism about collaborating with Apollo to execute long-term strategic plans for Morton Salt and Reddy Ice [4] - Apollo representatives highlighted the potential for long-term growth in Morton Salt and Reddy Ice, emphasizing a partnership-oriented approach to capital solutions [4] Group 3: Financial Advisory and Support - PJT Partners acted as financial advisor, while Gibson Dunn and Ernst & Young provided legal and tax advisory services to SCI [4] - UBS Investment Bank and Proskauer Rose LLP served as financial and legal advisors to the Apollo Funds [4] Group 4: Company Profiles - SCI Capital Partners LP focuses on market-leading companies in essential industries, aiming to build industrial companies with high barriers to entry [5] - Apollo is a global alternative asset manager with approximately $696 billion in assets under management as of June 30, 2024, providing innovative capital solutions for growth [6]