In anticipation of the acquisition, Barnes has suspended its third-quarter conference call and withdrawn its full-year financial guidance for 2024. Goldman Sachs & Co. and Jefferies are acting as the company’s financial advisers.
Apollo to acquire Barnes : Apollo’s Strategic Move
This acquisition comes as private equity firms, including Apollo, are actively pursuing deals, driven by large amounts of unspent capital and pressure to exit older investments. Recent shifts in Federal Reserve policy, including a half-point rate cut, have provided further momentum in the mergers and acquisitions market, which saw a robust third quarter.
Apollo, managing approximately $696 billion in assets as of June 30, is optimistic about its investment in Barnes. The firm noted Barnes’ strategic position to capitalize on long-term demand for aerospace components. “We are thrilled to partner with the talented team at Barnes, which has a tremendous heritage… We believe this plan can be accelerated in a private company setting,” said Antoine Munfakh, partner at Apollo.
Legal Advisors
Apollo’s legal team is led by M&A partners Justin Hamill, Rick Press, and Michael Anastasio of Latham & Watkins, along with partners Brian Kim, Gregory A. Ezring, and Brian M. Janson from Paul Weiss. Wachtell Lipton Rosen & Katz is advising Barnes, with corporate partners Benjamin M. Roth and Elina Tetelbaum at the helm.
