| Apollo's Leon Black steps down, Sentinel sells Pet Supplies Plus for $700m
Happy Tuesday!
Big people news today, readers. Apollo Global Management revealed Monday that Leon Black will retire as CEO by the end of July, while staying on as Chairman. Fellow Apollo Co-Founder Marc Rowan will succeed Black.
The decision comes after an investigation by the law firm Dechert found that Black paid sex trafficker, Jeffrey Epstein, $158 million for financial advice on tax issues and other operations for his family office from 2012 to 2017. Epstein first pleaded guilty for child prostitution in 2008.
The report confirmed no wrongdoing by Black and Apollo as a firm did no business with Epstein. Here's the Dechert report.
More Pet News: Sentinel Capital Partners is selling the country's third-largest pet speciality chain Pet Supplies Plus to Franchise Group for $700 million. The deal aligns with expectations first reported by PE Hub in September that... Read the full wire commentary on PE Hub.
That's it for today! As always, write to me at karishma.v@peimedia.com with any tips, feedbacks, comments or just to say hello.
Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards. Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year. Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian. If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.
Also of note (may require subscriptions) All smooth sailing here: In a survey conducted exclusively for PEI, nearly one quarter of respondents said more than 60 percent of their deal pipeline projects progressed to the due diligence stage during March to December last year. Read it on Private Equity International.
Going green: Trilantic North America, Generate Capital and two other investment firms put in $600 million in clean-energy company Intersect Power, WSJ reports.
SPAC Boom: Wheels Up Partners has reportedly discussed going public via a SPAC IPO merger with Aspirational Consumer Lifestyle Corp in a more than $2 billion deal, sources tell Reuters.
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They said it
“I wish I could go back in time and change that decision.”
Billionaire private equity investor, Leon Black who leads Apollo Global Management said in a prepared remark on his professional relationship with Epstein during the company's third-quarter earnings call.
Today's letter was prepared by Karishma Vanjani. Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
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