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Apollo to back microelectronics single-asset deal

The firm entered the private equity secondaries market in April and led its first deal in May, involving an Alpine Investors portfolio company.

Apollo Global Management is to lead another GP-led deal as it continues its two-pronged assault on the secondaries market.

The listed manager is backing a single-asset process on Micross Components, an Orlando-headquartered supplier of microelectronics products and services, according to two people familiar with the matter.

The process gives the business an enterprise value of $800 million, according to one of the sources. Limited partners are currently deciding whether to sell their holdings or roll into the continuation vehicle. Jefferies is advising on the process.

Secondaries Investor understands that the asset is held by 2017-vintage Behrman Capital VI, which closed on $421.8 million, according to PEI data.

Behrman acquired Corfin Industries in February 2018. The business merged with Micross Components in February 2020, allowing Micross’s owner Insight Equity to exit.

Behrman has done a GP-led secondaries deal before. In 2012, it completed a $1.2 billion restructuring on its 2000-vintage Fund III, Secondaries Investor reported. Cogent Partners, whose core team is now at Jefferies, advised on the process led by Canada Pension Plan Investment Board.

Secondaries Investor reported in May that Apollo was set to lead its first deal in the private  equity secondaries market, moving online advice platform Ingenio out of Alpine Investors’ 2013-vintage fund into a continuation fund. Apollo’s GP solutions team, which has seed capital from the firm’s Hybrid Value fund, closed the deal.

This came a month after Apollo said it was building a credit secondaries business and had hired a partner from Goldman Sachs to co-lead the effort.

Apollo, Behrman and Jefferies did not wish to comment on the deal.