Under the terms of the agreement, members of the Goodman family will retain a significant investment in the company. John B. Goodman will continue to serve on Goodman's board. The senior management team led by Charles A. Carroll, president and CEO, will stay the same.
The closing of the acquisition is subject to obtaining approvals under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions for transactions of this nature.
Goldman, Sachs & Co., served as the financial advisor to Goodman. Apollo has obtained debt commitments to finance the transaction from J.P. Morgan Securities Inc., UBS Securities LLC and Credit Suisse First Boston.