LOS ANGELES, Oct. 8, 2024 /PRNewswire/ -- SCI Capital Partners LP ("SCI") today announced that it has closed a structured continuation vehicle transaction in partnership with funds managed by Apollo (NYSE: APO) (the "Apollo Funds") to support the continued growth of SCI owned companies Morton Salt and Reddy Ice. SCI will continue to control both companies.

Apollo Funds anchored the transaction with support from a high-quality syndicate of new institutional investors. SCI continues to control both companies while benefitting from the strategic support, sector and operational expertise of the Apollo platform. SCI legacy investors and company management teams remain significant investors.

Morton Salt is the largest pure-play salt company globally, with a 175-year operating history and leading positions across end markets and salt categories, as well as a diverse and brand-loyal customer base. Reddy Ice is the largest packaged ice manufacturer in the United States with diversified sales channels across retail markets and an extensive installed base of machines and merchandisers across geographies. As previously announced, Reddy Ice recently made its first international acquisition of Fábrica de Hielo Apodaca, S.A. de C.V. (known as Aguafría), the largest ice manufacturer in Mexico.

SCI Managing Partner, Adam Cohn said: "We look forward to working with the Apollo team and accessing their institutional expertise, while also continuing to work with the Morton Salt and Reddy Ice management teams to execute on their long-term strategic operating plans. We thank the SCI legacy investors for their continued support."

Apollo Partners Veena Isaac and Justin Korval said, "We are pleased to partner with SCI and deliver a scaled, highly aligned capital solution that provides benefits to all parties. We believe that Morton Salt and Reddy Ice represent iconic industrial and consumer-facing assets that are well-positioned for long-term growth, and we look forward to working with SCI and company management to pursue both organic and inorganic value creation initiatives. Our ability to structure, anchor and bring new institutional investors into the continuation vehicle demonstrates our creative, partnership-oriented approach, as well as the strength and connectivity of Apollo's integrated platform."

PJT Partners served as financial advisor, Gibson Dunn served as legal counsel and Ernst & Young served as tax advisor to SCI. UBS Investment Bank served as financial advisor and Proskauer Rose LLP served as legal counsel to the Apollo Funds.