(Bloomberg) -- Apollo Global Management Inc. co-founder Josh Harris’ alternative asset manager 26North Partners has struck its first private equity deal.
The New York-based firm has agreed to acquire ArchKey Solutions, a provider of electrical, technological and specialty systems, it said in an emailed statement. The deal values ArchKey at more than $1 billion including debt, people with knowledge of the matter said, asking not to be identified discussing confidential information.
One Rock Capital Partners, which acquired a stake in the company in 2021, and ArchKey’s current and former management will remain invested, according to the statement. A 26North spokesperson declined to comment on financial terms.
The company, based near St. Louis, Missouri, provides installation, retrofit, design and maintenance for technological and electrical services. It has worked on projects including the Sphere in Las Vegas, a Major League Soccer stadium in St. Louis and the Smithsonian’s National Museum of African American History & Culture in Washington, D.C.
ArchKey Chief Executive Officer Steve Stone said it aims to provide services to businesses that increasingly require complex electrical and technology-based solutions. 26North plans to leverage its network to deepen ArchKey’s work in sports, entertainment and arena venues, according to the statement.
26North’s private equity arm, led by former Brookfield Asset Management executive Mark Weinberg, says it targets high-quality, cash-generative businesses that benefit from strong secular tailwinds. Its buyout group includes a so-called alpha creation team led by former McKinsey & Co. partner Jon Garcia.
Banco Santander SA, Mizuho Financial Group Inc.’s Greenhill & Co. affiliate and BMO Capital Markets advised on the deal. Royal Bank of Canada, Santander, Mizuho and BMO are arranging financing.
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