APO - Apollo Funds and CATEC Launch Hydria Through Acquisition of Kelley Leasing Partners | Benzinga
Hydria Launches as High-Growth Gaseous Equipment Manufacturing and Leasing Platform Supporting the Energy Transition
Seasoned Industry Executive and Apollo Operating Partner Scott Prince Appointed as CEO of Hydria
Ken Kelley, Bryan Kelley and Wes Knapp Join Hydria in Senior Leadership Roles from Kelley Leasing Partners
NEW YORK and HOUSTON, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Apollo (NYSE:APO) and Composite Advanced Technologies, LLC ("CATEC"), a leading provider of compressed natural gas ("CNG"), renewable natural gas ("RNG") and hydrogen transportation and storage solutions in the U.S., today announced that CATEC, an affiliate of Apollo-managed funds (the "Apollo Funds") has acquired Kelley Leasing Partners ("Kelley"), a compressed gas and cryogenic liquid transportation equipment leasing company serving hydrogen, helium and CNG customers across industrial gas, utility and virtual pipeline end markets. In connection with the acquisition, Apollo Funds and CATEC have launched Hydria (the "Company"), a high-growth compressed gas platform providing equipment and services supporting the CNG, RNG, helium and hydrogen value chain with over-the-road transport, storage and leasing capabilities. Apollo Funds are the majority owner of Hydria.
The acquisition of Kelley provides Hydria with enhanced equipment scale and diversification, along with additional manufacturing capabilities, re-testing and maintenance services and significant industry expertise through the Kelley family's 75 plus years serving the compressed gas space. Ken Kelley, Bryan Kelley and Wes Knapp will join Hydria's leadership team from Kelley, supporting the growth of leasing and other services.
Seasoned industry executive and long-time Apollo Operating Partner Scott Prince has been appointed Chief Executive Officer of Hydria, bringing extensive experience to the Company from prior collaborations with Apollo affiliates across energy transition growth projects over the last decade.
Hydria CEO Scott Prince said, "The launch of Hydria marks an exciting milestone as the CATEC, Kelley and Apollo teams join forces to spearhead a new platform with significant growth potential in the gaseous logistics industry. Leveraging our collective expertise, we believe Hydria can become a differentiated service provider supporting the end-to-end equipment needs of ...