Apollo Funds Complete Sale of ALTEMIRA, Leading Pan-Asian Aluminum Packaging Company

Apollo (NYSE: APO) announced that Apollo-managed funds completed the sale of their interest in ALTEMIRA, a leading pan-Asian aluminum packaging company, to funds managed by MBK Partners.

Rhea-AI Summary

Apollo (NYSE: APO) announced that Apollo-managed funds completed the sale of their interest in ALTEMIRA, a leading pan-Asian aluminum packaging company, to funds managed by MBK Partners.

ALTEMIRA was formed in 2022 via a carve-out from Showa Denko and Mitsubishi Materials and now operates a vertically integrated, closed-loop aluminum recycling ecosystem.

Positive

• Completed sale of ALTEMIRA interest to funds managed by MBK Partners
• ALTEMIRA built a vertically integrated, closed-loop aluminum recycling platform
• Transaction adds to Apollo Funds’ track record of exits in Japan, following MAFTEC
• ALTEMIRA viewed as an example of sponsor-led industry consolidation in Japanese industrials

Negative

• None.

Argus Jun 3 session

-3.42% close to close Open Argus

Details

News Market Reaction – APO

On Jun 3, the first trading day after this news, APO closed 3.42% below the previous close.

Data tracked by StockTitan Argus for the Jun 3 session.

Key Figures

ALTEMIRA establishment date: April 2022 MAFTEC exit month: June 2025

ALTEMIRA establishment date

April 2022

Formation through combination of aluminum businesses in Japan

MAFTEC exit month

June 2025

Prior successful exit by Apollo Funds referenced in article

Historical Context

5 past events · Latest: May 20

5 events

1. May 20

   Conference participation

   24h Move

   -1.5%

   Announcement of participation in Bernstein Strategic Decisions Conference webcast.

2. May 14

   Portfolio company update

   24h Move

   +3.0%

   Stream Data Centers expanded executive team to support hyperscale demand.

3. May 12

   Majority stake acquisition

   24h Move

   +1.1%

   Apollo funds acquired majority interest in Noble Environmental waste platform.

4. May 11

   Acquisition agreement

   24h Move

   -2.1%

   MidOcean agreed to sell Questex to Apollo-managed funds for liquidity event.

5. May 11

   Platform creation deal

   24h Move

   -2.1%

   Apollo funds to acquire Emerald and Questex to form B2B events platform.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

carve-out, m&a, vertically integrated, closed-loop aluminum recycling, +1 more

5 terms

carve-out financial

"demonstrating Apollo’s ability to execute a complex carve-out and support the subsequent transition"

A carve-out is when a company separates a business unit, product line, or asset and turns it into its own standalone entity, often by selling it or listing it separately. For investors, it matters because the split can reveal the separated unit’s true value, change cash flow and risk profiles, and create new investment opportunities or one-time costs — like taking a slice of a cake off the whole to sell or show its individual worth.

m&a financial

"drive broader transformation and industry consolidation through M&A."

M&A, short for mergers and acquisitions, involves one company combining with or purchasing another company to grow, streamline operations, or gain competitive advantages. For investors, M&A activity can signal potential for increased value, new opportunities, or changes in market dynamics, making it an important factor to watch in the business landscape.

View in glossary

vertically integrated technical

"one of the world’s only vertically integrated, closed-loop aluminum recycling ecosystems"

Vertically integrated describes a company that owns and controls multiple steps in making and selling its products or services — for example sourcing raw materials, manufacturing, and distribution. Like a bakery that grows its own wheat, mills the flour, bakes the bread and runs the shops, this setup can lower costs, improve quality and speed to market and protect profit margins, but it also requires more capital and can reduce flexibility.

closed-loop aluminum recycling technical

"vertically integrated, closed-loop aluminum recycling ecosystems—spanning used beverage can collection"

Closed-loop aluminum recycling is a circular process where used aluminum products are collected, melted down and remade into the same type of aluminum product repeatedly, like turning used cans back into new cans. For investors it matters because it reduces raw-material costs, stabilizes supply, lowers energy use and regulatory risk, and can improve a company’s sustainability credentials and long-term profitability.

private equity financial

"Apollo Funds’ private equity investments in Japan include Panasonic Automotive Systems"

Private equity involves investing money directly into private companies or buying out public companies to make them private, with the goal of improving their performance and increasing their value over time. For investors, it offers an opportunity to earn returns by helping companies grow or restructure, often requiring a longer-term commitment and a higher level of involvement than typical stock investments.

View in glossary

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TOKYO and NEW YORK, June 03, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) announced that Apollo-managed funds (the “Apollo Funds”) completed the sale of their interest in ALTEMIRA Holdings Co., Ltd. (“ALTEMIRA” or the “Company”), a leading pan-Asian aluminum packaging company, to funds managed by MBK Partners.

ALTEMIRA was established in April 2022, through the combination of the aluminum can and foil business formerly operated by Showa Denko K.K. (now named Resonac Holdings Corporation) and the aluminum can and rolled and extruded products business of Mitsubishi Materials Corporation. ALTEMIRA is one of the first successful examples of sponsor-led industry consolidation in the Japanese industrials sector, demonstrating Apollo’s ability to execute a complex carve-out and support the subsequent transition to a fully independent, standalone enterprise and drive broader transformation and industry consolidation through M&A.

As a result, ALTEMIRA has emerged as a differentiated platform with scale, operating one of the world’s only vertically integrated, closed-loop aluminum recycling ecosystems—spanning used beverage can collection, processing, slab casting, rolling into coils and fabrication into beverage cans. Apollo Fund’s investment in ALTEMIRA also highlights its role as a trusted partner to Japan’s leading corporations, offering differentiated solutions to help businesses execute their strategic priorities in sectors that have historically been difficult for outside capital to access.

The transaction follows Apollo Funds’ successful exit of MAFTEC announced in June 2025. Apollo Funds’ private equity investments in Japan include Panasonic Automotive Systems and Nippon Sheet Glass (pending closing).

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 credit to private 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, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

Contacts
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Apollo (NYSE: APO) announce about the sale of ALTEMIRA?

Apollo announced that Apollo-managed funds completed the sale of their interest in ALTEMIRA to funds managed by MBK Partners. According to Apollo, this marks an exit from a pan-Asian aluminum packaging platform built through a prior Japanese industrial carve-out.

Who acquired ALTEMIRA from Apollo-managed funds and what does the deal involve for APO?

Funds managed by MBK Partners acquired Apollo-managed funds’ interest in ALTEMIRA. According to Apollo, the transaction transfers ownership of a pan-Asian aluminum packaging and recycling platform that was created through consolidation of Showa Denko and Mitsubishi Materials aluminum businesses.

How was ALTEMIRA created before its sale by Apollo (APO)?

ALTEMIRA was created in April 2022 by combining specific aluminum businesses from Showa Denko and Mitsubishi Materials. According to Apollo, this sponsor-led industry consolidation formed a standalone aluminum packaging company focused on cans, foil, rolled and extruded products across Asia.

What makes ALTEMIRA’s aluminum recycling ecosystem notable after Apollo’s exit (NYSE: APO)?

ALTEMIRA operates a vertically integrated, closed-loop aluminum recycling ecosystem from used beverage can collection through fabrication into beverage cans. According to Apollo, this includes collection, processing, slab casting, rolling into coils and final can production, supporting scale and differentiation in aluminum packaging.

How does the ALTEMIRA sale fit into Apollo’s broader Japan private equity strategy (APO)?

The ALTEMIRA sale follows Apollo Funds’ exit of MAFTEC in June 2025 and other Japan deals. According to Apollo, investments such as Panasonic Automotive Systems and Nippon Sheet Glass (pending closing) highlight its role as a partner to major Japanese corporations.