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Apollo affiliate buys majority stake in Transportation Partners & Logistics

A unit of funds managed by Apollo Global Management Inc. affiliates bought a majority stake in Transportation Partners & Logistics LLC and its units, including Global Specialized Services LLC.

Takkion Holdings LLC made the investment out of Apollo Natural Resources Partners II.

Under the deal terms, the Transportation Partners and Global Specialized brands will remain intact and Transportation Partners President Jim Orr and Vice Presidents Billy Brenton and Justin Orr will keep leading the business.

Vinson & Elkins LLP was legal counsel to Takkion and Apollo. Stifel was financial adviser to Transportation Partners, while Scudder Law Firm was legal counsel.