On November 18, 2024, Apollo's Impact and Clean Transition funds acquired a majority stake in The State Group (TSG) from Blue Wolf Capital, with Blue Wolf retaining a minority interest. TSG, headquartered in Toronto, is a leading multi-trade contractor specializing in electrical, mechanical, and automation services, supporting energy transition and decarbonization efforts across North America.

Legal advisors included Holland & Knight LLP and Davies Ward Phillips & Vineberg LLP for TSG, and Latham & Watkins LLP and Blake, Cassels & Graydon LLP for Apollo. Moelis & Company acted as TSG’s financial advisor. Transaction terms were not disclosed.