MBK Partners Buys ALTEMIRA from Apollo Funds

MBK Partners has finalized its acquisition of ALTEMIRA Holdings Co., Ltd., a prominent player in the pan-Asian aluminum packaging sector. The transaction sees Apollo Funds divest their stake in the company, marking a significant shift in ownership for the vertically integrated aluminum producer. This deal underscores the ongoing consolidation within the materials and industrials space across Asia.

ALTEMIRA, established in April 2022, represents a strategic consolidation of key aluminum assets. It was formed by combining the aluminum can and foil operations of Showa Denko K.K. (now Resonac Holdings Corporation) with the aluminum can, rolled, and extruded products business of Mitsubishi Materials Corporation. This formation itself was a notable example of sponsor-driven industry consolidation in Japan, showcasing the ability to orchestrate complex carve-outs and foster independent, scaled enterprises.

Under its previous ownership, ALTEMIRA developed a distinctive operational model, boasting one of the world's few fully integrated, closed-loop aluminum recycling systems. This comprehensive ecosystem encompasses the entire value chain, from collecting used beverage cans to processing, casting slabs, rolling coils, and fabricating finished beverage cans. Such a model is increasingly valuable in a market prioritizing sustainability and resource efficiency, aligning with global environmental, social, and governance (ESG) trends.

The divestiture by Apollo Funds highlights their strategic approach to portfolio management and their capacity to unlock value in complex industrial sectors. This move follows other recent successful exits by Apollo Funds in the Japanese market, including the MAFTEC transaction in June 2025. Their ongoing investment activities in Japan also include stakes in Panasonic Automotive Systems and, pending closure, Nippon Sheet Glass, demonstrating a sustained commitment to the region's industrial and manufacturing base.

This transaction is particularly relevant given the global demand for aluminum, a material critical for packaging, automotive, and construction industries. The market for aluminum packaging, driven by consumer preferences for recyclable materials and the growth of the beverage industry, has seen steady expansion. ALTEMIRA's integrated model positions it favorably to capitalize on these trends, offering a competitive advantage through control over its supply chain and recycling processes. The acquisition by MBK Partners signals confidence in ALTEMIRA's market position and future growth prospects.

Apollo, a global alternative asset manager with approximately $1.03 trillion in assets under management as of March 31, 2026, has consistently demonstrated its ability to provide innovative capital solutions and drive transformation across various industries. Their involvement in establishing and growing ALTEMIRA showcases their expertise in navigating challenging sectors and facilitating strategic M&A to build market leaders.