KATY,
Texas and NEW YORK,
July 31,
2024 /PRNewswire/ -- U.S. Silica Holdings, Inc.
("U.S. Silica" or the "Company"), a diversified minerals company
and a leading last-mile logistics provider to the oil and gas
industry, and Apollo (NYSE: APO)
today announced that funds managed by affiliates of Apollo (the "Apollo Funds") have completed the
previously announced 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.
Mr. Shinn, Chief Executive Officer of U.S. Silica, said, "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. 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."
Gareth Turner, Partner at
Apollo, said, "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."
Transaction Details
Pursuant to the terms of the transaction, an affiliate of Apollo
Funds acquired all of the outstanding shares of U.S. Silica stock.
Shareholders are entitled to receive $15.50 per share in cash for each share of U.S.
Silica (SLCA) common stock owned. As a result of the transaction
completion, U.S. Silica's common stock no longer trades on the New
York Stock Exchange.
Advisors
Piper Sandler & Co. acted as
a financial advisor to U.S. Silica, and Morrison & Foerster LLP
served as U.S. Silica's legal counsel. Wachtell, Lipton, Rosen
& Katz served as legal counsel and BNP Paribas Securities Corp
and Barclays served as financial advisors to Apollo Funds.
About U.S. Silica
U.S. Silica Holdings, Inc. 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.
About Apollo
Apollo is a high-growth, global
alternative asset manager. In our asset management business, we
seek to provide our 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, our investing expertise across our fully
integrated platform has served the financial return needs of our
clients and provided businesses with innovative capital solutions
for growth. Through Athene, our retirement services business, we
specialize in helping clients achieve financial security by
providing a suite of retirement savings products and acting as a
solutions provider to institutions. Our patient, creative, and
knowledgeable approach to investing aligns our clients, businesses
we invest in, our employees, and the communities we impact, to
expand opportunity and achieve positive outcomes. As of
March 31, 2024, Apollo had approximately $671 billion of assets under management. To learn
more, please visit www.apollo.com.
Forward-Looking Statements
This communication contains forward-looking statements. These
forward-looking statements generally can be identified by phrases
such as "anticipate," "believe," "expect," "estimate," "plan,"
"outlook" and "project" or other words or phrases of similar
import. These statements are based on current expectations,
estimates and projections about the industry, markets in which the
Company operates, management's beliefs, assumptions made by
management and the transactions described in this communication.
While the Company's management believes the assumptions underlying
the forward-looking statements and information contained herein are
reasonable, such information is necessarily subject to
uncertainties and may involve certain risks, many of which are
difficult to predict and are beyond management's control. These
risks include, but are not limited to, the ability to recognize the
anticipated benefits of the transaction, the amount of costs, fees,
expenses and charges related to the transaction and the other risks
and important factors contained and identified in the Company's
filings with the U.S. Securities and Exchange Commission, such as
the definitive proxy statement on Schedule 14A filed by the Company
on June 11, 2024, as supplemented on
July 8, 2024, and the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as the Company's
subsequent Quarterly Reports on Form 10-Q or Current Reports on
Form 8-K filed from time to time, any of which could cause actual
results to differ materially from the forward-looking statements in
this communication.
The Company cautions investors not to unduly rely on any
forward-looking statements. The forward-looking statements speak
only as of the date of this communication. The Company undertakes
no obligation or duty to update or revise any of these
forward-looking statements after the date of this communication,
nor to conform prior statements to actual results or revised
expectations, and the Company does not intend to do so.
U.S. Silica Contacts
Ida
Ashley
Vice President, Human Resources
ashleyi@ussilica.com
Apollo Contacts
Noah
Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
communications@apollo.com
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SOURCE U.S. Silica Holdings, Inc.