Katy-based U.S. Silica said last week it will become a privately held company after its acquisition by investment firm Apollo Global Management. The industrial minerals company is valued at $1.85 billion. The 124-year-old company produces commercial silica used in the oil and gas sector and other industrial applications. It operates 26 mines and processing facilities and two additional exploration stage properties. Its core competencies include mining, processing, logistics and materials science.
Gareth Turner, Apollo partner, said April 26, “U.S. Silica’s industrial minerals and sand mining and logistics businesses are proven leaders in their respective markets. We believe there are many opportunities to grow and expand these businesses.”
Closing is expected in 2024Q2.