Key Takeaways
- • Apollo Global Management completed the sale of its stake in ALTEMIRA Holdings, a leading pan-Asian aluminum packaging company, to funds managed by MBK Partners, marking a successful exit from the Japan-focused investment.
- • ALTEMIRA was established in April 2022 through a complex sponsor-led carve-out combining the aluminum can and foil business from Showa Denko K.K. (now Resonac Holdings Corporation) and aluminum products operations from Mitsubishi Materials Corporation, demonstrating Apollo's ability to execute intricate industrial consolidations.
- • The company operates one of the world's only vertically integrated, closed-loop aluminum recycling ecosystems, spanning used beverage can collection, processing, slab casting, rolling and coil production, and fabrication into beverage cans—a differentiated operational platform.
- • This transaction follows Apollo Funds' June 2025 exit of MAFTEC and reflects the firm's established track record as a trusted partner to Japan's leading corporations in historically difficult-to-access industrial sectors, with additional pending investments including Panasonic Automotive Systems and Nippon Sheet Glass.
- • As of March 31, 2026, Apollo Global Management held approximately $1.03 trillion in assets under management.
Summary
Apollo Global Management announced on June 3, 2026, that Apollo-managed funds completed the sale of their entire interest in ALTEMIRA Holdings Co., Ltd. to funds managed by MBK Partners. The transaction represents a significant milestone in Apollo's Japan-focused private equity strategy and underscores the firm's capacity to navigate complex industrial restructuring in a market traditionally challenging for external capital deployment.
ALTEMIRA was formed in April 2022 through a landmark sponsor-led consolidation combining two major aluminum operations: the aluminum can and foil business formerly operated by Showa Denko K.K. (subsequently renamed Resonac Holdings Corporation) and the aluminum can, rolled products, and extruded products division of Mitsubishi Materials Corporation. The carve-out and subsequent standalone establishment of ALTEMIRA represents one of the first successful examples of sponsor-led industry consolidation within the Japanese industrials sector, according to Apollo's announcement.
The platform is operationally differentiated by its vertically integrated, closed-loop aluminum recycling ecosystem—a rare competitive advantage in the global packaging industry. ALTEMIRA's integrated value chain spans used beverage can collection, material processing, slab casting, rolling into coils, and final fabrication into beverage cans. This structural integration positions the company to capture value across the recycling cycle while reducing reliance on primary aluminum inputs.
The exit follows Apollo Funds' June 2025 divestiture of MAFTEC and reflects the broader strategic success of Apollo's Japan platform. Apollo maintains additional notable investments in the Japanese industrial sector, including positions in Panasonic Automotive Systems and Nippon Sheet Glass, with the latter pending closing. These holdings reinforce Apollo's positioning as a trusted capital partner to Japan's blue-chip corporations, offering solutions in traditionally closed industrial sectors. As of March 31, 2026, Apollo Global Management reported approximately $1.03 trillion in assets under management globally.
ALTEMIRA was formed in April 2022 through a landmark sponsor-led consolidation combining two major aluminum operations: the aluminum can and foil business formerly operated by Showa Denko K.K. (subsequently renamed Resonac Holdings Corporation) and the aluminum can, rolled products, and extruded products division of Mitsubishi Materials Corporation. The carve-out and subsequent standalone establishment of ALTEMIRA represents one of the first successful examples of sponsor-led industry consolidation within the Japanese industrials sector, according to Apollo's announcement.
The platform is operationally differentiated by its vertically integrated, closed-loop aluminum recycling ecosystem—a rare competitive advantage in the global packaging industry. ALTEMIRA's integrated value chain spans used beverage can collection, material processing, slab casting, rolling into coils, and final fabrication into beverage cans. This structural integration positions the company to capture value across the recycling cycle while reducing reliance on primary aluminum inputs.
The exit follows Apollo Funds' June 2025 divestiture of MAFTEC and reflects the broader strategic success of Apollo's Japan platform. Apollo maintains additional notable investments in the Japanese industrial sector, including positions in Panasonic Automotive Systems and Nippon Sheet Glass, with the latter pending closing. These holdings reinforce Apollo's positioning as a trusted capital partner to Japan's blue-chip corporations, offering solutions in traditionally closed industrial sectors. As of March 31, 2026, Apollo Global Management reported approximately $1.03 trillion in assets under management globally.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.