Apollo Global Management is making a $2.5 billion bet on the business of moving things around. That's the price the firm has reportedly agreed to pay to acquire a majority interest in Direct ChassisLink (DCLI) and its Blume Global affiliate from EQT, with the Swedish firm retaining a 20% stake in the transport and logistics business.
Headquartered in North Carolina, DCLI owns, manages and leases over 200,000 chassis, which are trailers used to move marine shipping containers from ports to railroads, trucks or other modes of transportation. EQT says the company has nearly doubled its inventory since the firm first invested in 2016 with capital from its second infrastructure fund.
The move continues an aggressive 2019 for Apollo. On February 15, Apollo announced a deal to acquire 13 local television stations and three radio stations from Cox Enterprises, with reports indicating a price tag of some $3 billion. And in late January, the firm reportedly agreed to acquire British packaging company RPC for £3.3 billion (about $4.3 billion).
Those three looming deals worth 10 figures apiece come after a year in which Apollo conducted only one true billion-dollar buyout, per the PitchBook Platform. That would be its November takeover of LifePoint Health, a $5.6 billion deal that combined the company with fellow healthcare provider RCCH HealthCare Partners.