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Cowen Sustainable Advisors makes $200M investment in Apollo-backed ecoATM

Cowen Sustainable Advisors LLC agreed to acquire a minority stake in ecoATM LLC for $200 million from funds managed by affiliates of Apollo Global Management Inc.

Following completion, due later this month, Cowen Sustainable Advisors co-heads Vusal Najafov and Ewa Kozicz will join the ecoATM board.

The Apollo funds will remain the majority owner of ecoATM, and CEO Dave Maquera and the existing management team will continue to lead the business.

Guggenheim Securities LLC and Raine Group LLC were financial advisers and Paul Weiss Rifkind Wharton & Garrison LLP was legal adviser to ecoATM and Apollo. Faegre Drinker Biddle & Reath LLP was legal adviser to Cowen Sustainable Advisors.

EcoATM provides automated kiosks that allow customers to buy and sell used mobile devices.

Cowen Sustainable Advisors is a division of diversified financial services firm Cowen Inc.