Apollo Announced Plans to Acquire Griffin Capital
December 4, 2021 | James Sprow | Blue Vault
Apollo (NYSE: APO) announced on December 2 that it has entered into a definitive agreement to acquire the US wealth distribution and asset management businesses of Griffin Capital. Established in 1995, Griffin has a long and successful track record of providing alternative investment solutions to advisors across the US.
Blue Vault covers Griffin’s nontraded REITs, American Healthcare REIT, Inc. (FKA Griffin-American Healthcare REIT IV, Inc.) and Griffin Realty Trust, Inc. (FKA Griffin Capital Essential Asset REIT, Inc.) Blue Vault also reports on the firm’s interval funds: Griffin Institutional Access Credit Fund and Griffin Institutional Access Real Estate Fund. Both are publicly registered closed-end interval funds.
Blue Vault reached out to Dr. Randy Anderson, CEO of Griffin Capital Asset Management Company for his perspective on the transaction.
“We’re thrilled to join Apollo, which will give our distribution team more resources and access to a growing set of alternative strategies for individuals and advisors. On the real estate side, it means integrating with one of the world’s leading alternative platforms with greater scale for growth. Like Apollo, we view the strengths of our organizations as highly complementary and are excited by the strong growth prospects ahead.” Dr. Anderson will join Apollo’s Real Estate Team as part of the acquisition.
He said, “We have diligently built Griffin’s business over many years and now take a significant step forward in joining Apollo. As investors, we will integrate with one of the world’s leading platforms, and my distribution colleagues will have a larger and growing set of strategies to help solve our clients’ needs.”
Financial terms of the transaction were not disclosed. Consideration for the acquisition will be all stock. Apollo’s common stock closed at $71.90 per share on Thursday, December 2. Apollo had total assets of $28.29 billion as of September 30, 2021. Apollo is led by Joshua Harris and Marc Rowan, who have worked together for more than 35 years and lead a team of 2,035 employees, including 631 investment professionals, as of September 30, 2021.
Griffin Capital is a privately-held alternative investment asset manager headquartered in Los Angeles, California. Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing over $20 billion in assets. The company’s senior executives and employees have co-invested over $300 million in its various investment verticals, aligning Griffin’s interest with those of its more than 200,000 investors.
