Private investment major Apollo Global Management has acquired a majority stake in The State Group (TSG), a provider of electrical, mechanical, and automation services, as part of its Impact and Clean Transition investment strategy.
The deal was finalised with private equity firm Blue Wolf Capital, which will retain a minority stake alongside the company’s management team.
Founded in 1961, TSG operates across industrial markets, delivering services that range from new facility builds to ongoing maintenance and retrofits. The company specialises in projects that enhance energy efficiency and reduce emissions, making it a significant player in supporting the transition to cleaner energy.
The transaction aligns with Apollo’s broader strategy of investing in businesses that deliver environmental and social benefits. Over the past five years, Apollo-managed funds have deployed approximately $40bn into energy transition and sustainability-related projects.
Financial terms of the deal have not been disclosed.
Advisors for the deal included Moelis & Company, Holland & Knight, Davies Ward Phillips & Vineberg, Latham & Watkins, and Blake, Cassels & Graydon.
