Apollo, Ares Provide $4 Billion Private Credit Deal to Leaf Home

Private equity-owned residential services company Leaf Home has shuffled its capital structure with new preferred equity from Ares Management Corp. and debt financing from Apollo Global Management Inc., and acquired Erie Home, according to an emailed statement.

Ares led the $1.9 billion preferred equity investment, alongside co-investors and owner Gridiron Capital, as part of the deal, according to a person with knowledge of the matter, who asked not to be identified discussing private information.

In addition, Apollo led a $2 billion debt package to help finance the acquisition and refinance Leaf Home’s capital structure, the person ...