Good morning, Hubsters. Michael Schoeck here with the Thursday Wire, filling in for MK Flynn, who’s out on holiday vacation. Today we’re getting insight from Apollo Global Management’s energy transition group on a new investment seeking to decarbonize the trucking sector, starting with California. I caught up with Apollo partner Joey Romeo and WattEV’s founder Salim Youssefzadeh about how the new investment has broader growth plans to electrify trucking corridors in other states. Technology-focused sponsor Vista Equity Partners shared that six of its executives were promoted to senior managing director and managing director. And closing with healthcare, MedImpact Healthcare is set to square off today with other bidders for the pharmacy benefit manager (PBM) business of Rite Aid. But first let’s take a look at the trucking electrification market. Electric highway The energy transition continues to be a market where PE, infrastructure and impact funds are funneling billions of capital into new companies and projects. The decarbonization of California provides a major greenfield investment strategy for WattEV, a newly acquired portfolio company of Apollo Global Management that provides electric truck fleets and charging as a service. Apollo partner Joseph Romeo told PE Hub that the capital-intensive nature of the company’s “trucking-as-a-service” business model is at the heart of the investor’s partnership with management and co-investor Vitol. Subscribe to the full version of the Wire for more. Vista Promotions Technology-focused sponsor Vista Equity Partners shared news with PE Hub that six of its executives were promoted to senior managing director and managing director. “We congratulate this group of deserving individuals and celebrate their accomplishments,” said Vista founder and CEO Robert F. Smith. “Their ability to take on new and exciting challenges has helped propel Vista’s ability to transform the enterprise while delivering consistent stakeholder outcomes.” Subscribe to the full version of the Wire for more details on Vista Equity’s year in review. Elixir Rx auction As one of the most-read sectors on PE Hub, we’ll turn back to healthcare for one last hurrah of the year. In one of PE Hub’s top stories of the year, Rite Aid is scheduled to conduct an auction starting this morning at the New York office of Kirkland & Ellis for the company’s Elixir Rx pharmacy benefit manager business and retail store assets. As previously reported by PE Hub, the PBM business is expected to attract buyout interest from private equity suitors. Subscribe to the full version of the Wire for more details on the Rite Aid sale process. That’s it for me for the year. Obey Martin Manayiti will be back with you tomorrow for the Friday edition and the final Wire send out of 2023. Season’s greetings and well wishes for the New Year. Cheers, Michael Read the full wire commentary on PE Hub ... | 