Years before the implosion of First Brands sparked huge losses for some of the biggest names on Wall Street, Apollo Global Management endured a less well-publicised fiasco involving a smaller car parts supplier.
Apollo took a hit in 2019 from the collapse of Vari-Form, a chassis and roof rail maker to which its private credit funds had lent more than $130mn.
But rather than taking the loss and moving on, the ordeal gave rise to a new trade idea for the $840bn-in-assets private capital firm. Apollo last year began shorting the debt of a larger business owned by Vari-Form’s sole shareholder, Patrick James: First Brands.
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