Apollo Global Management will acquire the Pitney Bowes Management Services business of Pitney Bowes for approximately $400 million in cash. The transaction is expected to close in the fourth quarter of 2013.
Pitney Bowes Management Services (PBMS) provides its customers with software and services to improve communications, document and mail strategies. Sectors served include retail, financial services, oil and gas, legal, high tech, government and manufacturing. PBMS is headquartered in Stamford, CT (www.pbmanagementservices.com).
“Pitney Bowes Management Services offers an innovative business model supported by a highly talented team of individuals,” said Matthew Nord, Partner at Apollo. “Their knowledge combined with cost-effective solutions drive business outcomes that help clients achieve their objectives. We are excited to invest in, and grow this great company.”
Apollo is a global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo has assets under management of approximately $114 billion in private equity, credit and real estate funds invested across a core group of nine industries (www.agm.com).
“Pitney Bowes Management Services, a strong business with an outstanding team and an unparalleled client list, can benefit significantly from operating as a more focused, stand-alone company in partnership with Apollo, an alternative asset manager with a proven track record of success in building and growing businesses in the business services industry,” said Marc Lautenbach, President and CEO, Pitney Bowes.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-30-13