{"success":true,"data":{"pressRelease":{"id":"115082","rtpr_id":"nPn5cGmzBa","ticker":"APO","exchange":"NYSE","all_tickers":["APO"],"title":"Monogram Capital Partners Closes Apollo S3-Led Continuation Vehicle for Mountaintop Beverage","author":"PR Newswire","published_at":"2026-08-11T10:45:00.284Z","article_body":"Monogram Capital Partners Closes Apollo S3-Led Continuation Vehicle for Mountaintop Beverage\n\nPR Newswire\n\nLOS ANGELES, Aug. 11, 2026\n\nTransaction returns a significant majority of Monogram Capital Partners II,\nL.P.'s (\"Fund II\") capital to investors while providing Mountaintop with\ncommitted capital and an extended investment horizon to support a nearly\n600,000-square-foot manufacturing footprint, additional capacity expansion,\nand strategic M&A.\n\nKey Takeaways\n\n * Monogram Capital Partners has closed a single-asset continuation vehicle for\nMountaintop Beverage, transferring the company from Fund II into a newly\nformed vehicle.\n * Apollo S3, the sponsor and secondary solutions business of Apollo Global\nManagement (NYSE: APO), led the continuation vehicle, with participation from\nPartners Capital, TIFF, and H7 Capital, among other institutional investors.\n * The transaction returns a significant majority of Monogram Capital Partners'\nFund II capital to investors while Monogram Capital Partners and Mountaintop\nBeverage's management team retain ownership of the company.\n * Mountaintop Beverage's management team, board, and operating strategy remain\nunchanged following the transaction, with Co-Founder and Chief Executive\nOfficer Jeff Sokal continuing to lead the company.\n * The continuation vehicle provides committed capital for a 250,000-square-foot\ncapacity addition that will bring Mountaintop Beverage's Morgantown, West\nVirgin manufacturing campus to nearly 600,000 square feet.\nLOS ANGELES, Aug. 11, 2026 /PRNewswire/ -- Monogram Capital Partners\n(\"Monogram\"), a Los Angeles-based private equity firm investing in family-held\nand founder-led consumer and service businesses, today announced the closing\nof a single-asset continuation vehicle for Mountaintop Beverage (\"Mountaintop\"\nor the \"Company\"), a scaled manufacturer of low-acid aseptic and\nextended-shelf-life (ESL) beverages headquartered in Morgantown, West\nVirginia.\n\nThe transaction transfers Mountaintop from Fund II into a newly formed\ncontinuation vehicle led by Apollo S3, Apollo's sponsor and secondary\nsolutions business. Partners Capital, TIFF, and H7 Capital also participated\nin the transaction, alongside other institutional investors. The vehicle\ndelivers significant liquidity to investors while positioning Monogram and\nMountaintop's management team to retain substantial exposure to the Company's\nnext phase of growth.\n\nThe vehicle also provides Mountaintop with committed capital and an extended\ninvestment horizon to fund its expansion program, including a\n250,000-square-foot capacity addition that will bring the Company's\nMorgantown, West Virginia, campus to nearly 600,000 square feet, as well as\nfuture acquisitions.\n\nMonogram first invested in Mountaintop in August 2021, partnering with the\nCompany's seasoned founding team to build a state-of-the-art low-acid aseptic\nmanufacturing platform in Morgantown, West Virginia. Over the ensuing five\nyears, Monogram has supported the Company's buildout of numerous high-speed\nlow-acid aseptic and ESL beverage processing lines, establishing Mountaintop\nas a critical manufacturing partner to leading strategics and functional\nbeverage brands of scale in the protein, coffee, dairy, plant-based milk\nalternatives, and tea categories.\n\n\"Mountaintop represents precisely the kind of business we seek to back – a\ntechnically complex, capacity constrained supply chain partner providing\nessential services to some of the fastest-growing brands in the consumer\nspace. We believe the flywheel between category-leading consumer brands and\nthe supply chain and service businesses that power them is where the most\ndifferentiated, proprietary opportunities are found, and Mountaintop is a\npowerful embodiment of that thesis,\" said Jared Stein, Co-Founder and Partner\nat Monogram Capital Partners. \"Demand for PET bottles and high-protein,\nfunctional beverages continues to outpace the industry's constrained ability\nto produce them given the highly technical training required to do so, and\nlow-acid aseptic processing is one of the hardest processes in beverage\nmanufacturing to scale. Mountaintop has developed the technical capabilities,\ncustomer relationships, and operating foundation required to address that gap.\nApollo S3's investment provides strong institutional validation of the\nplatform and positions the company to continue to execute on its ambitious\nexpansion plan.\"\n\n\"Monogram has been our foundational partner from inception, and this\ntransaction gives us amplified resources and time to execute the next stage of\nMountaintop's growth,\" said Jeff Sokal, Founder and Chief Executive Officer of\nMountaintop. \"In doing so, we are preserving the continuity that has been\ncentral to our success – the same management team, board, and operating\nstrategy – while adding Apollo S3 as a highly experienced capital partner.\nWith our current expansion underway and additional capital available, we\nbelieve we are well positioned to serve the high-growth needs of our customers\nand further extend the robust capabilities of the platform to become the\nlargest low-acid PET bottle contract manufacturer in the country.\"\n\n\"Mountaintop is a category leader with hard-to-replicate assets in a highly\nspecialized segment of beverage manufacturing where capacity is genuinely\nscarce, and where patient, flexible capital can enable the company to fulfill\nthe extensive pipeline of growth its strong operating history has catalyzed,\"\nsaid Veena Isaac, Partner and Co-Head of Apollo S3. \"We're excited to partner\nwith Monogram and management to support their efforts in building the premier\nlow-acid aseptic contract manufacturing platform in North America.\"\n\nHoulihan Lokey served as Monogram's advisor on the continuation vehicle in\nconnection with the transaction, with Proskauer Rose LLP, and Massumi +\nConsoli LLP serving as legal counsel to Monogram. Weil, Gotshal & Manges\nLLP served as legal counsel to Apollo S3.\n\nAbout Monogram Capital Partners\n\nHeadquartered in Los Angeles, Monogram Capital Partners manages approximately\n$1.9 billion in regulatory assets under management and invests in consumer\nbusinesses, business services, and the manufacturing and supply chain\nplatforms that support them. Monogram partners with founders, family owners,\nand management teams, combining flexible capital with an operationally engaged\napproach to help businesses scale. For more information, please visit\nwww.monogramcapital.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4749915-1&h=156211140&u=http%3A%2F%2Fwww.monogramcapital.com%2F&a=www.monogramcapital.com)\n.\n\nAbout Mountaintop Beverage\n\nMountaintop is a leading low-acid aseptic beverage co-manufacturing platform,\nproviding manufacturing solutions to category-leading functional and\nbetter-for-you beverage brands. The company is headquartered in Morgantown,\nWest Virginia. For more information on Mountaintop, please visit\nwww.mountaintopbeverage.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4749915-1&h=557311981&u=http%3A%2F%2Fwww.mountaintopbeverage.com%2F&a=www.mountaintopbeverage.com)\n.\n\nAbout Apollo S3\n\nS3 is Apollo's Sponsor & Secondary Solutions business. S3 provides\nflexible capital solutions to asset managers and limited partners across the\nrisk-reward spectrum. S3 is a natural extension of Apollo's global investment\nplatform, offering partner-oriented capital across asset classes including\nprivate equity, private credit, infrastructure, and real estate. The S3\nplatform has raised approximately $14 billion in total capital since launching\nin August 2022. To learn more about S3, please visit https://apollos3.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4749915-1&h=2278252711&u=https%3A%2F%2Fapollos3.com%2F&a=https%3A%2F%2Fapollos3.com)\n.\n\nNote: The individuals listed above, including the Founder and CEO of\nMountaintop, have not received any compensation for this feedback and did not\ninvest in the Fund. The companies identified do not represent all of the\ncompanies purchased, sold, or recommended for portfolios advised by the Firm.\nThe Firm's complete track record, securities comprising the portfolio of the\nFund are available upon request. The reader should not assume that all\ninvestments in the companies identified were or will be profitable. Past\nperformance is not indicative of future performance.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/monogram-capital-partners-closes-apollo-s3-led-continuation-vehicle-for-mountaintop-beverage-302847999.html\n(https://www.prnewswire.com/news-releases/monogram-capital-partners-closes-apollo-s3-led-continuation-vehicle-for-mountaintop-beverage-302847999.html)\n\nSOURCE Monogram Capital Partners\n\n\n\nmedia@monogramcapital.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1582346/Monogram-Capital-Partners-Logo-Logo.jpg?id=OA2854311\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn5cGmzBa","title":"Monogram Capital Partners Closes Apollo S3-Led Continuation Vehicle for Mountaintop Beverage","author":"PR Newswire","ticker":"APO","created":"2026-08-11T10:45:00.284Z","tickers":["APO"],"exchange":"NYSE","article_body":"Monogram Capital Partners Closes Apollo S3-Led Continuation Vehicle for Mountaintop Beverage\n\nPR Newswire\n\nLOS ANGELES, Aug. 11, 2026\n\nTransaction returns a significant majority of Monogram Capital Partners II,\nL.P.'s (\"Fund II\") capital to investors while providing Mountaintop with\ncommitted capital and an extended investment horizon to support a nearly\n600,000-square-foot manufacturing footprint, additional capacity expansion,\nand strategic M&A.\n\nKey Takeaways\n\n * Monogram Capital Partners has closed a single-asset continuation vehicle for\nMountaintop Beverage, transferring the company from Fund II into a newly\nformed vehicle.\n * Apollo S3, the sponsor and secondary solutions business of Apollo Global\nManagement (NYSE: APO), led the continuation vehicle, with participation from\nPartners Capital, TIFF, and H7 Capital, among other institutional investors.\n * The transaction returns a significant majority of Monogram Capital Partners'\nFund II capital to investors while Monogram Capital Partners and Mountaintop\nBeverage's management team retain ownership of the company.\n * Mountaintop Beverage's management team, board, and operating strategy remain\nunchanged following the transaction, with Co-Founder and Chief Executive\nOfficer Jeff Sokal continuing to lead the company.\n * The continuation vehicle provides committed capital for a 250,000-square-foot\ncapacity addition that will bring Mountaintop Beverage's Morgantown, West\nVirgin manufacturing campus to nearly 600,000 square feet.\nLOS ANGELES, Aug. 11, 2026 /PRNewswire/ -- Monogram Capital Partners\n(\"Monogram\"), a Los Angeles-based private equity firm investing in family-held\nand founder-led consumer and service businesses, today announced the closing\nof a single-asset continuation vehicle for Mountaintop Beverage (\"Mountaintop\"\nor the \"Company\"), a scaled manufacturer of low-acid aseptic and\nextended-shelf-life (ESL) beverages headquartered in Morgantown, West\nVirginia.\n\nThe transaction transfers Mountaintop from Fund II into a newly formed\ncontinuation vehicle led by Apollo S3, Apollo's sponsor and secondary\nsolutions business. Partners Capital, TIFF, and H7 Capital also participated\nin the transaction, alongside other institutional investors. The vehicle\ndelivers significant liquidity to investors while positioning Monogram and\nMountaintop's management team to retain substantial exposure to the Company's\nnext phase of growth.\n\nThe vehicle also provides Mountaintop with committed capital and an extended\ninvestment horizon to fund its expansion program, including a\n250,000-square-foot capacity addition that will bring the Company's\nMorgantown, West Virginia, campus to nearly 600,000 square feet, as well as\nfuture acquisitions.\n\nMonogram first invested in Mountaintop in August 2021, partnering with the\nCompany's seasoned founding team to build a state-of-the-art low-acid aseptic\nmanufacturing platform in Morgantown, West Virginia. Over the ensuing five\nyears, Monogram has supported the Company's buildout of numerous high-speed\nlow-acid aseptic and ESL beverage processing lines, establishing Mountaintop\nas a critical manufacturing partner to leading strategics and functional\nbeverage brands of scale in the protein, coffee, dairy, plant-based milk\nalternatives, and tea categories.\n\n\"Mountaintop represents precisely the kind of business we seek to back – a\ntechnically complex, capacity constrained supply chain partner providing\nessential services to some of the fastest-growing brands in the consumer\nspace. We believe the flywheel between category-leading consumer brands and\nthe supply chain and service businesses that power them is where the most\ndifferentiated, proprietary opportunities are found, and Mountaintop is a\npowerful embodiment of that thesis,\" said Jared Stein, Co-Founder and Partner\nat Monogram Capital Partners. \"Demand for PET bottles and high-protein,\nfunctional beverages continues to outpace the industry's constrained ability\nto produce them given the highly technical training required to do so, and\nlow-acid aseptic processing is one of the hardest processes in beverage\nmanufacturing to scale. Mountaintop has developed the technical capabilities,\ncustomer relationships, and operating foundation required to address that gap.\nApollo S3's investment provides strong institutional validation of the\nplatform and positions the company to continue to execute on its ambitious\nexpansion plan.\"\n\n\"Monogram has been our foundational partner from inception, and this\ntransaction gives us amplified resources and time to execute the next stage of\nMountaintop's growth,\" said Jeff Sokal, Founder and Chief Executive Officer of\nMountaintop. \"In doing so, we are preserving the continuity that has been\ncentral to our success – the same management team, board, and operating\nstrategy – while adding Apollo S3 as a highly experienced capital partner.\nWith our current expansion underway and additional capital available, we\nbelieve we are well positioned to serve the high-growth needs of our customers\nand further extend the robust capabilities of the platform to become the\nlargest low-acid PET bottle contract manufacturer in the country.\"\n\n\"Mountaintop is a category leader with hard-to-replicate assets in a highly\nspecialized segment of beverage manufacturing where capacity is genuinely\nscarce, and where patient, flexible capital can enable the company to fulfill\nthe extensive pipeline of growth its strong operating history has catalyzed,\"\nsaid Veena Isaac, Partner and Co-Head of Apollo S3. \"We're excited to partner\nwith Monogram and management to support their efforts in building the premier\nlow-acid aseptic contract manufacturing platform in North America.\"\n\nHoulihan Lokey served as Monogram's advisor on the continuation vehicle in\nconnection with the transaction, with Proskauer Rose LLP, and Massumi +\nConsoli LLP serving as legal counsel to Monogram. Weil, Gotshal & Manges\nLLP served as legal counsel to Apollo S3.\n\nAbout Monogram Capital Partners\n\nHeadquartered in Los Angeles, Monogram Capital Partners manages approximately\n$1.9 billion in regulatory assets under management and invests in consumer\nbusinesses, business services, and the manufacturing and supply chain\nplatforms that support them. Monogram partners with founders, family owners,\nand management teams, combining flexible capital with an operationally engaged\napproach to help businesses scale. For more information, please visit\nwww.monogramcapital.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4749915-1&h=156211140&u=http%3A%2F%2Fwww.monogramcapital.com%2F&a=www.monogramcapital.com)\n.\n\nAbout Mountaintop Beverage\n\nMountaintop is a leading low-acid aseptic beverage co-manufacturing platform,\nproviding manufacturing solutions to category-leading functional and\nbetter-for-you beverage brands. The company is headquartered in Morgantown,\nWest Virginia. For more information on Mountaintop, please visit\nwww.mountaintopbeverage.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4749915-1&h=557311981&u=http%3A%2F%2Fwww.mountaintopbeverage.com%2F&a=www.mountaintopbeverage.com)\n.\n\nAbout Apollo S3\n\nS3 is Apollo's Sponsor & Secondary Solutions business. S3 provides\nflexible capital solutions to asset managers and limited partners across the\nrisk-reward spectrum. S3 is a natural extension of Apollo's global investment\nplatform, offering partner-oriented capital across asset classes including\nprivate equity, private credit, infrastructure, and real estate. The S3\nplatform has raised approximately $14 billion in total capital since launching\nin August 2022. To learn more about S3, please visit https://apollos3.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4749915-1&h=2278252711&u=https%3A%2F%2Fapollos3.com%2F&a=https%3A%2F%2Fapollos3.com)\n.\n\nNote: The individuals listed above, including the Founder and CEO of\nMountaintop, have not received any compensation for this feedback and did not\ninvest in the Fund. The companies identified do not represent all of the\ncompanies purchased, sold, or recommended for portfolios advised by the Firm.\nThe Firm's complete track record, securities comprising the portfolio of the\nFund are available upon request. The reader should not assume that all\ninvestments in the companies identified were or will be profitable. Past\nperformance is not indicative of future performance.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/monogram-capital-partners-closes-apollo-s3-led-continuation-vehicle-for-mountaintop-beverage-302847999.html\n(https://www.prnewswire.com/news-releases/monogram-capital-partners-closes-apollo-s3-led-continuation-vehicle-for-mountaintop-beverage-302847999.html)\n\nSOURCE Monogram Capital Partners\n\n\n\nmedia@monogramcapital.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1582346/Monogram-Capital-Partners-Logo-Logo.jpg?id=OA2854311\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-08-11T10:45:00.357275563Z","server_sent_at_ms":1786445100357},"received_at":"2026-08-11T10:45:00.916Z","source_url":"https://www.prnewswire.com/news-releases/monogram-capital-partners-closes-apollo-s3-led-continuation-vehicle-for-mountaintop-beverage-302847999.html"},"analysis":{"id":"104078","press_release_id":"115082","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":[],"eventType":"operations_update","narrative":"Apollo Global Management's S3 unit led a continuation vehicle transaction for Mountaintop Beverage, effectively moving the asset from Monogram Capital Partners' Fund II into a new vehicle.\n\nThe transaction returns a significant majority of Fund II capital to Monogram's investors while providing Mountaintop with committed capital to expand its manufacturing footprint to nearly 600,000 square feet.\n\nApollo S3, which has raised approximately $14 billion since its 2022 launch, will partner with the existing management team to support the company's next phase of growth.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Apollo S3 leads continuation vehicle deal for Mountaintop Beverage."},"keyFigures":{"customDimensions":{"monogram_aum":"$1.9 billion","capacity_addition_sqft":"250,000","apollo_s3_capital_raised":"$14 billion","manufacturing_footprint_sqft":"600,000"}},"quotedText":"Mountaintop is a category leader with hard-to-replicate assets in a highly specialized segment of beverage manufacturing where capacity is genuinely scarce","namedEntities":{"people":[{"name":"Jared Stein","role":"Co-Founder and Partner at Monogram Capital Partners"},{"name":"Jeff Sokal","role":"Founder and Chief Executive Officer of Mountaintop Beverage"},{"name":"Veena Isaac","role":"Partner and Co-Head of Apollo S3"}],"products":[],"companies":[{"name":"Monogram Capital Partners"},{"name":"Apollo Global Management","ticker":"APO","relationship":"parent company"},{"name":"Apollo S3","ticker":"APO","relationship":"subsidiary"},{"name":"Mountaintop Beverage"},{"name":"Partners Capital"},{"name":"TIFF"},{"name":"H7 Capital"},{"name":"Houlihan Lokey","relationship":"advisor"},{"name":"Proskauer Rose LLP","relationship":"legal counsel"},{"name":"Massumi + Consoli LLP","relationship":"legal counsel"},{"name":"Weil, Gotshal & Manges LLP","relationship":"legal counsel"}],"dollarAmounts":[{"amount":"$1.9 billion","context":"Monogram Capital Partners assets under management"},{"amount":"$14 billion","context":"Apollo S3 total capital raised since launching in August 2022"}]},"materialImpact":{"score":2,"reasoning":"Apollo Global Management's S3 unit led a specific continuation vehicle transaction for Mountaintop Beverage. While this demonstrates business development success for the S3 platform, it is a single portfolio transaction and does not represent a material earnings surprise or major strategic shift for the entire firm."},"tickerRelevance":{"others":[],"primary":"APO"},"globalImportance":25,"audienceRelevance":40,"eventTypeSecondary":["partnership"],"importanceComponents":{"tickerTier":"large-cap","eventGravity":"pe-deal","sectorWeight":"financials"}},"event_type":"operations_update","event_type_secondary":["partnership"],"sentiment":"bullish","material_impact_score":2,"narrative":"Apollo Global Management's S3 unit led a continuation vehicle transaction for Mountaintop Beverage, effectively moving the asset from Monogram Capital Partners' Fund II into a new vehicle.\n\nThe transaction returns a significant majority of Fund II capital to Monogram's investors while providing Mountaintop with committed capital to expand its manufacturing footprint to nearly 600,000 square feet.\n\nApollo S3, which has raised approximately $14 billion since its 2022 launch, will partner with the existing management team to support the company's next phase of growth.","key_figures":{"customDimensions":{"monogram_aum":"$1.9 billion","capacity_addition_sqft":"250,000","apollo_s3_capital_raised":"$14 billion","manufacturing_footprint_sqft":"600,000"}},"named_entities":{"people":[{"name":"Jared Stein","role":"Co-Founder and Partner at Monogram Capital Partners"},{"name":"Jeff Sokal","role":"Founder and Chief Executive Officer of Mountaintop Beverage"},{"name":"Veena Isaac","role":"Partner and Co-Head of Apollo S3"}],"products":[],"companies":[{"name":"Monogram Capital Partners"},{"name":"Apollo Global Management","ticker":"APO","relationship":"parent company"},{"name":"Apollo S3","ticker":"APO","relationship":"subsidiary"},{"name":"Mountaintop Beverage"},{"name":"Partners Capital"},{"name":"TIFF"},{"name":"H7 Capital"},{"name":"Houlihan Lokey","relationship":"advisor"},{"name":"Proskauer Rose LLP","relationship":"legal counsel"},{"name":"Massumi + Consoli LLP","relationship":"legal counsel"},{"name":"Weil, Gotshal & Manges LLP","relationship":"legal counsel"}],"dollarAmounts":[{"amount":"$1.9 billion","context":"Monogram Capital Partners assets under management"},{"amount":"$14 billion","context":"Apollo S3 total capital raised since launching in August 2022"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-11T11:10:32.185Z","global_importance":25,"audience_relevance":40,"importance_components":{"tickerTier":"large-cap","eventGravity":"pe-deal","sectorWeight":"financials"}},"durationMs":null,"modelName":"glm-4.7"}}