Phoenix Services – a Kennett Square-based company that recovers scrap metal, processes slag, and employs 2,100 workers – has been purchased by investors, who include billionaire Philadelphia 76ers co-owner Josh Harris, writes Joseph DiStefano for the Philadelphia Inquirer.

An arm of Apollo Global Management has agreed to purchase the privately held Phoenix Services from its owners, who include Olympus Partners, a Stamford, Conn.-based private equity firm.

Apollo and Olympus won’t say what the buyer is paying for Phoenix Services, which has facilities in western Pennsylvania, across the central United States, and in European countries, as well as in South Africa and Brazil.

Estimates reported earlier this year suggest Phoenix Services was worth up to $900 million, almost eight times the company’s $120 million in yearly earnings.

Among Phoenix Services’ clients are steel manufacturers ArcelorMittal, U.S. Steel, Nucor, and Thyssenkrupp.

Read more about Phoenix Services in the Philadelphia Inquirer here.