US private equity group Apollo Global Management is looking to invest in struggling retailers on the British high street in a new joint venture with the former chief executive of GA Europe, Gavin George.
Alteri Investors will be a partnership between George and Apollo’s credit funds that will invest in retailers under an element of stress.
Alteri will focus on the retail business in the UK and Germany and expects to invest approximately £10m to £50m through debt and equity transactions, with additional capacity for larger transactions.
The joint venture will also consider picking up stakes in retailers and lending to store chains through Apollo’s credit funds. In addition, it will provide arrange of operational services such as assisting with store closure programmes across Europe, stock sales or managing the real estate component of a restructuring.
“The retail market is experiencing a transformational period which we believe will create lots of opportunities for Alteri,” said Gavin George, chief executive and managing partner at Alteri Advisors. “With the financial resources and capabilities of Apollo Credit as one of the world’s largest credit investors, and the deep retail restructuring expertise of the Alteri Advisors team, we believe we are together well placed to partner with retailers in the UK, Germany and beyond to restructure and restore their businesses to health.”