Apollo Global Management, Inc. acquires U.S. Silica Holdings, Inc. (2024)

Deal facts

Buyer: Apollo Global Management, Inc.
Target: U.S. Silica Holdings, Inc.
Deal value: Not disclosed
Announced: 26 April 2024
Status: Completed
Sector: Other
Country: United States
Consideration: cash

Sources

SEC_EDGAR_8K

What we know

Weekly digest

Join Exit Mode Insider

Ten deal briefs a week, founder commentary, and the patterns worth paying attention to.

Join Exit Mode Insider, £12/mo

Deal timeline

1 update

31 Jul 2024CompletedClosed
Apollo Global Management, Inc. completes acquisition of U.S. Silica Holdings, Inc.
Introductory Note This Current Report on Form 8-K is being filed in connection with the completion of the previously announced Merger (as described below) pursuant to the Agreement and Plan of Merger, dated as of April 26, 2024 (the “Merger Agreement”), by and among U.S. Silica Holdings, Inc. (the “Company”), Star Holding LLC (“Parent”) and Star Merger Co. (“Merger Sub”). On July 31, 2024 (the “Cl
Source

OpinionExit Mode editorial

We see a clear signal in the completed acquisition of U.S. Silica Holdings by Apollo Global Management. This transaction, announced on 26 April 2024 and now closed, represents a classic going-private move where a public industrial firm exits the stock market to join a private equity portfolio. The deal structure relies entirely on cash consideration, which removes the uncertainty often associated with share-based swaps and provides immediate liquidity to shareholders. For the SME founder watching from the sidelines, this highlights a distinct path: selling your business to a private buyer can offer a clean break from public market volatility and the relentless pressure of quarterly earnings calls.

The choice of a pure cash deal is significant in the current climate. It suggests the buyer has secured sufficient capital and confidence to fund the entire transaction without relying on the target's future performance to bridge the gap. This is a stark contrast to structures laden with earn-outs or contingent value rights, which often lead to disputes post-completion. While the specific valuation remains undisclosed, the mechanism itself tells a story of certainty. In the US market, such moves often face scrutiny under anti-trust thresholds, yet the speed of completion implies that competition authorities have either cleared the path or determined that the market dynamics do not warrant intervention.

We believe this deal underscores the value of operational flexibility that private ownership can bring. U.S. Silica, operating in a sector often tied to cyclical industrial demand, will now be subject to the long-term investment horizon typical of firms like Apollo rather than the short-termism of public equity. This shift allows for strategic restructuring or capital expenditure decisions that might have been rejected by public investors focused on immediate returns. The move also removes the administrative burden of maintaining a public listing, freeing up management to focus purely on execution and growth without the distraction of investor relations.

If you are an SME founder considering an exit, your immediate action this week should be to audit your current capital structure against the demands of a potential private equity buyer. Specifically, identify which parts of your business model rely on public market liquidity and determine if a cash-only sale would require you to restructure debt covenants or change-of-control clauses before you even start talking to buyers.

Editorial opinion. Not financial or legal advice.

Explore

Browse adjacent archives

Jump from this deal into the sector, buyer, deal type, and year views that carry the strongest contextual signal.

More Other deals More 2024 deals More going private deals More from Apollo Global Management, Inc.All M&A deals

Similar deals

Other Other M&A activity tracked by Exit Mode.

9 May 2026Firm intentionOther

Emma Buyer, LLC to acquire Emerald Holding, Inc.

Emma Buyer, LLC and Emerald Holding, Inc. entered the Exit Mode archive.

Buyer: Emma Buyer, LLC
Target: Emerald Holding, Inc.
Deal value: Not disclosed
Deal type: going private

Read deal Other deals going private deals United States deals

6 April 2026CompletedOther

RWAY to acquire SWK Holdings Corp

RWAY and SWK Holdings Corp entered the Exit Mode archive.

Buyer: RWAY
Target: SWK Holdings Corp
Deal value: USD 244,352,684.96
Deal type: going private

Read deal Other deals going private deals United States deals

27 March 2026Firm intentionOther

Ikigai Ventures Limited to acquire Dotlines Global Limited

Ikigai Ventures Limited and Dotlines Global Limited entered the Exit Mode archive.

Buyer: Ikigai Ventures Limited
Target: Dotlines Global Limited
Deal value: Not disclosed
Deal type: going private

Read deal Other deals going private deals Announced deals

10 March 2026CompletedOther

Bending Spoons S.p.A to acquire Eventbrite, Inc.

Bending Spoons S.p.A and Eventbrite, Inc. entered the Exit Mode archive.

Buyer: Bending Spoons S.p.A
Target: Eventbrite, Inc.
Deal value: USD 4.5
Deal type: going private

Read deal Other deals going private deals United States deals

6 February 2026CompletedOther

SPX Enterprises, LLC to acquire Crawford United Corporation

SPX Enterprises, LLC and Crawford United Corporation entered the Exit Mode archive.

Buyer: SPX Enterprises, LLC
Target: Crawford United Corporation
Deal value: Not disclosed
Deal type: going private

Read deal Other deals going private deals United States deals

Buyer history