ZS Fund has acquired Amerijet Holdings, an operator of cargo aircraft under the name Amerijet International, along with logistics services subsidiary ITN Worldwide for an undisclosed sum.
New York-based private equity firm ZS Fund has acquired Amerijet Holdings, an operator of cargo aircraft under the name Amerijet International, along with logistics services subsidiary ITN Worldwide, from H.I.G. Capital.
Amerijet International operates a fleet of Boeing 767s and 727s from its hub at the Miami International Airport to destinations throughout the Caribbean, Mexico, and Central and South America. The 42-year-old company has 25 offices within the United States and 130 offices around the globe.
“With the support of ZS Fund, we plan to continue to grow and diversify our service offerings to create more products and opportunities to meet the needs of our current and future customers,” said Vic Karjian, incoming president and chief executive officer of the company.
H.I.G. has overseen Amerijet for the past 15 years. “They have supported Amerijet through numerous strategic initiatives since investing in the company in 2001, enabling Amerijet to access new markets, expand capacity and provide our customers an unparalleled level of service,” Amerijet founder Dave Bassett in a statement.
ZS Fund said it plans to keep in place the existing staff at Amerijet and ITN Worldwide.
Financial terms of the deal were not disclosed by either ZS Fund, H.I.G. Group or Amerijet.
NEWS FLASH: Investment firm acquires Amerijet
