New York-based private equity firm enters agreement to acquire one of the world’s largest third-party air cargo ground handlers.
New York-based private equity firm Cerberus Capital Management has entered into an agreement to acquire airport ground handling services provider Worldwide Flight Services (WFS) from Platinum Equity.
WFS, which is headquartered in Paris, is considered one of the world’s largest third-party air cargo handlers, with more than 1.2 billion euros ($1.38 billion) of total revenues. WFS has operations in 198 airports in 22 countries, about 22,800 employees and serves more than 300 airline customers.
“WFS is a market leader in aviation services and is positioned to benefit from attractive long-term industry growth,” said Brett Ingersoll, senior managing director of Cerberus, in a statement. “Cerberus has extensive operational experience and a successful track record in aviation and we are excited to support WFS’ next stage of growth.”
Neither company has yet disclosed the value of the acquisition.
Citigroup Global Markets Ltd. served as financial adviser to Cerberus, while Linklaters was Cerberus’s legal adviser.
Cerberus aims to buy WFS
