Apollo's Leon Black steps down, Sentinel's $700m pet deal

The Wire

Jan. 26, 2021

Apollo's Leon Black steps down, Sentinel sells Pet Supplies Plus for $700m

Happy Tuesday!

Big people news today, readers. Apollo Global Management revealed Monday that Leon Black will retire as CEO by the end of July, while staying on as Chairman. Fellow Apollo Co-Founder Marc Rowan will succeed Black.

The decision comes after an investigation by the law firm Dechert found that Black paid sex trafficker, Jeffrey Epstein, $158 million for financial advice on tax issues and other operations for his family office from 2012 to 2017. Epstein first pleaded guilty for child prostitution in 2008.

The report confirmed no wrongdoing by Black and Apollo as a firm did no business with Epstein. Here's the Dechert report.

More Pet News: Sentinel Capital Partners is selling the country's third-largest pet speciality chain Pet Supplies Plus to Franchise Group for $700 million. The deal aligns with expectations first reported by PE Hub in September that... Read the full wire commentary on PE Hub.

That's it for today! As always, write to me at karishma.v@peimedia.com with any tips, feedbacks, comments or just to say hello.

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