US vulture fund Apollo targets UK retailers with joint venture

 
Michael Bow
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APOLLO Global Management, the listed US private equity group, has established a new venture to invest in struggling UK retailers.

The buyout shop has joined forces with former GA Europe boss Gavin George to set up Alteri Investors, a new company that will take equity and debt stakes in distressed retail assets in Britain and Germany.

The venture will buy stakes of between £10m and £50m and will also provide lines of credit to struggling retail groups. Apollo’s lending division, Apollo Credit, will help run the joint venture.

“The retail market is experiencing a transformational period which we believe will create lots of opportunities for Alteri,” George said.

An auxillary firm, Alteri Advisors, has also been formed to offer consultancy services for retailers. It will be staffed by George and former employees from GA Europe.