Business transformation consultant Trace3 said today it has been acquired by Apollo Funds from American Securities. Financial terms were not disclosed.
American Securities will retain a significant minority equity interest in Irvine-based Trace3.
Joe Quaglia will succeed Rich Fennessy as Chief Executive Officer of Trace3, effective immediately. Quaglia had been serving as president.
Fennessy will remain on the board of directors and transition to the role of Trace3 executive chairman.
An agreement for the acquisition was first announced in August.
