Apollo to invest in Intermodal Tank Transport

• Raymond James & Associates was financial advisor to ITT on the deal
• ITT was founded in 1993
• Apollo has about $598 billion of assets under management as of March 31, 2023

Apollo has agreed to make an investment in Houston-based Intermodal Tank Transport, a provider of ISO tank transportation logistics and depot services for bulk-liquid chemical and food-grade products. No financial terms were disclosed.

ITT will continue to be led by President and CEO Jon Hulsey and the existing management team.

“Jon and the team have done an exceptional job building ITT into an industry leader with high-quality assets and an unwavering commitment to customer service,” said David Cohen, a partner at Apollo in a statement. “As food, chemical and other industries increasingly turn to ISO tanks for reliable, safe transport, we believe ITT is well positioned to expand its leadership position as a specialty logistics provider serving supply chains and owners of infrastructure around the globe.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to the Apollo Funds. ITT was advised by Raymond James & Associates, Inc. as financial advisor and McGinnis Lochridge LLP as legal advisor.

ITT was founded in 1993.

Apollo has about $598 billion of assets under management as of March 31, 2023.