Apollo has announced that Apollo-managed funds has completed the sale of their interest in Altemira Holdings Co, a leading pan-Asian aluminum packaging company, to funds managed by MBK Partners.

Altemira was established in April 2022, through the combination of the aluminum can and foil business formerly operated by Showa Denko K.K. (now named Resonac Holdings Corporation) and the aluminum can and rolled and extruded products business of Mitsubishi Materials Corporation. Altemira is one of the first successful examples of sponsor-led industry consolidation in the Japanese industrials sector, demonstrating Apollo’s ability to execute a complex carve-out and support the subsequent transition to a fully independent, standalone enterprise and drive broader transformation and industry consolidation through M&A.

As a result, Altemira has emerged as a differentiated platform with scale, operating one of the world’s only vertically integrated, closed-loop aluminum recycling ecosystems—spanning used beverage can collection, processing, slab casting, rolling into coils and fabrication into beverage cans. Apollo Fund’s investment in Altemira also highlights its role as a trusted partner to Japan’s leading corporations, offering differentiated solutions to help businesses execute their strategic priorities in sectors that have historically been difficult for outside capital to access.

The transaction follows Apollo Funds’ successful exit of MAFTEC announced in June 2025. Apollo Funds’ private equity investments in Japan include Panasonic Automotive Systems and Nippon Sheet Glass (pending closing).