Tidewater Logistics, Leader in Frac Sand Logistics, Announces Investment by Funds Affiliated with Apollo Global Management

Capital will fund pipeline of new customer and expansion opportunities

FORT WORTH, Texas & NEW YORK–(BUSINESS WIRE)–Tidewater Logistics Corporation (“Tidewater Logistics” or the
“Company”), today announced the acquisition of a majority interest in
the Company by certain funds managed by affiliates of Apollo Global
Management, LLC (NYSE: APO) (together with its consolidated
subsidiaries, “Apollo”). The Tidewater Logistics team, led by its
Founder and President Scott Spence, will be joined by Scott Prince as
the Company’s newly-appointed Chief Executive Officer. Mr. Prince
previously served as CEO of Pilot Thomas Logistics, a leading energy and
industrial fuels and lubricants distributor.

Tidewater Logistics is a leading provider of frac sand supply chain
solutions, delivering procurement, transloading, last mile and wellsite
operations services to E&P, Pressure Pumping and Sand Mining customers.
Tidewater Logistics’ supply chain professionals offer complete solutions
for frac sand operations, leveraging the Company’s owned and operated
transload network, and its proprietary cloud-based supply chain
management infrastructure with market leading scheduling, tracking,
reporting and control capabilities. The Company strives to simplify the
challenge of managing sand, while eliminating excess cost and
non-performing time for its customers. The Company delivers both
discrete services as well as its integrated End-to-End Sand Supply Chain
Management outsourced solution, in which Tidewater Logistics delivers
optimized alignment, real time visibility and consolidated invoicing
across all frac sand activities.

“We are excited to work with Apollo and Scott Prince to accelerate
investments that will enable us to expand our team and operations, and
to continue to deliver best-in-class services to our rapidly expanding
customer base across the U.S.,” said Mr. Spence.

“We believe Apollo’s deep energy industry experience and the financial
backing by Apollo’s funds, combined with Tidewater Logistics’ frac sand
supply chain expertise and unique ability to solve customer challenges,
creates a powerful platform to serve the energy industry,” said Mr.
Prince. “We look forward to continuing and enhancing Tidewater
Logistics’ longstanding commitment to solving companies’ evolving frac
sand challenges.”

Michael Jupiter, Partner at Apollo, said, “We are excited to work with
Tidewater Logistics to support and accelerate the continued growth of a
premier provider of frac sand logistics services. We believe the
Company’s dedication to engineering effective solutions for its
customers and its proven ability to deliver industry leading cost and
service levels through its commercialized End-to-End Sand Supply Chain
Management solution have created a tremendous pipeline of opportunities
that we look forward to helping Scott Prince and Scott Spence execute.”

About Tidewater Logistics Corporation
Tidewater Logistics
Corporation, headquartered in Fort Worth, Texas, is a logistics services
company focused on providing specialized logistics and operational
services to the frac sand market. Tidewater Logistics’ dedicated team
delivers superior service as an integral part of its customers' supply
chains. Tidewater Logistics is committed to its Five Core Values of:
Safety, Environment, Quality, Customer Service, and Reliability. The
Company’s services include Direct and Bulk Storage Transloading,
Terminal Operations, Last Mile Logistics and Full Supply Chain
Management. As part of its Full Supply Chain Management solution, the
Company is responsible for delivery and alignment of all “mine-to-well”
activities and providing its customers with visibility and control in a
single solution.

Tidewater Logistics operates across the major U.S. shale basins.
Operations are integrated by a central cloud-based management system,
which enables the Company’s supply chain team in Fort Worth to manage
all rail, transload and truck activity with real time data; run
customizable reports for inventory management, operations or accounting;
and process billing through the BOL download center.

For more information about Tidewater, please visit www.tidewater-logistics.com.

About Apollo Global Management, LLC
Apollo is a leading
global alternative investment manager with offices in New York, Los
Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid,
Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had
assets under management of approximately $249 billion as of December 31,
2017 in private equity, credit and real estate funds invested across a
core group of nine industries where Apollo has considerable knowledge
and resources. Apollo’s team has extensive experience investing in the
Natural Resources industry and, since 2001, certain of Apollo’s private
equity funds, have invested or committed to invest approximately $12.2
billion in 34 natural resources-related opportunities (as of September
30, 2017). Greg Beard, Apollo’s Head of Natural Resources, leads a team
of approximately 20 private equity professionals focused on identifying
value-oriented corporate carve-outs, asset acquisitions/build-ups and
distressed investments across the energy and metals and mining markets
globally. For more information about Apollo, please visit www.agm.com.

Contacts

For Tidewater:
Tidewater Logistics
855-718-9564
[email protected]
or
For
investor inquiries regarding Apollo:
Apollo Global Management,
LLC
Gary M. Stein, 212-822-0467
Head of Corporate
Communications
[email protected]
or
Noah
Gunn, 212-822-0540
Investor Relations Manager
[email protected]
or
For
media inquiries regarding Apollo:
Rubenstein Associates, Inc.
for Apollo Global Management, LLC
Charles Zehren, 212-843-8590
[email protected]