Apollo Tries to Salvage Amazon Aggregator Investment With Sale
- Would-be buyers don’t want to take on $400 million in debt
- Tension is building between debt holders and equity interests
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Apollo Global Management Inc. is trying to salvage an ill-timed bet it made two years ago on Amazon.com Inc. aggregators, companies that scooped up popular online brands and are now teetering after the pandemic-fueled sales boom evaporated.
Apollo in 2021 pledged as much as $500 million in debt to Victory Park Capital, a leading investor in multiple aggregators. Victory Park, a smaller firm, for months has been seeking a buyer for one of those investments, an aggregator named Perch, in a deal that would involve offloading about $400 million in debt, according to the people familiar with the matter, who requested anonymity to discuss private negotiations.