Funds affiliated with Apollo Global Management LLC (NYSE: APO) are buying Pitney Bowes Management Services for $400 million in cash.
Pitney Bowes Inc. (NYSE: PBI) owns Pitney Bowes Management. The company provides technologies services for companies to help them connect with customers. The services include direct mail, call center communications, email and mobile applications. The company also provides postage meters, tracking software and other services.
Pitney Bowes Management will operate as a stand-alone company under Apollo’s ownership. The unit specializes in mail, office management, document management and marketing services.
Apollo is a New York private equity firm that has about $114 billion in assets under management. In June, the company agreed to buy Cooper Tire & Rubber Co. for about $2.5 billion. In May, the firm’s portfolio company Sprouts Farmers Markets LLC filed to raise up to $300 million in an initial public offering of common stock. And in March, the firm said it would pick up the auto and consumer loan unit of Bankia.