Santa brings Apollo two megadeals

Today Apollo management announced the close of two giant deals – a $1.45bn acquisition from heating products maker Goodman and the $2bn acquisition of movie theater chain AMC Entertainment, a deal done in conjunction with JP Morgan Partners.

Talk about holiday shopping – New York buyout giant Apollo Management today announced the close of two major acquisitions in the heating and movie theater sectors, respectively.

The firm has acquired the heating, ventilation and air conditioning businesses from Goodman for $1.45 billion (€1.07 billion). Goodman, based in Houston, is a major manufacturer of residential and light commercial heating and air conditioning products. The transaction was negotiated with the Goodman family. The family will continue to have an interest in the newly independent business going forward.

The company’s brands include Goodman, Amana Heating and Air Conditioning, GmC, Janitrol and QuietFlex.

In other news, Apollo and JP Morgan Partners today announced the close of the acquisition of AMC Entertainment, a chain of movie theaters. The company was formerly traded on the American Stock Exchange. Apollo and JP Morgan Partners took AMC private at $19.50 per share, or approximately $2 billion (€1.48 billion) including the assumption of debt.

The theater transaction is being done through a platform company called Marquee Holdings.

AMC, with headquarters in Leawood, Kansas, operates 231 theaters in the US, Canada, France, Hong Kong, Portugal Spain and the UK.