ImpactAlpha, July 7 – Apollo Global Management last year brought on impact investing veteran Lisa Hall to help drive impact investing deeper into the portfolio of the $461 billion asset manager (see, “Private equity giant Apollo Global invites agents of impact inside”). Its two-thirds stake in Reno De Medici, which manufactures and distributes recycled cardboard, is the first investment from Apollo’s impact platform.
The deal “reflects our strategy to find good businesses where we believe we can drive financial and impact performance to increase their beneficial effects on society and the planet,” said Apollo’s Marc Becker.
RDM aims to reduce waste, emissions and water usage. Apollo is looking to help the Milan-based company scale its business and operations across Europe.
Apollo acquired the stake from RDM’s principal owner, Cascades Inc., and Caisse de dépôt et placement du Québec, for €1.45 ($1.71) per share. The private equity giant intends to acquire the remaining shares and take the company private.
