Beverly Hills-based Platinum Equity has sold air cargo handling company Worldwide Flight Services to affiliates of Cerberus Capital Management for nearly $1.4 billion, Platinum announced on June 19.
Worldwide Flight Services, which has offices in Paris, New York and Hong Kong, is the one of the world’s largest air cargo handlers serving over 300 airlines at 200 major airports. It has approximately 22,800 employees and its 2017 revenue exceeded $1.4 billion.
Platinum Equity acquired the company in September 2015 from private equity firm LBO France; terms of that deal were not disclosed at the time. Five months later, Worldwide Flight Services acquired Consolidated Aviation Services, a major cargo handling service in the U.S.; that deal gave Worldwide a significant foothold in this country.
“Through a combination of growth and operational initiatives, WFS has evolved and expanded significantly over the past three years and today enjoys record top-line and earnings performance,” Platinum Equity Partner Louis Samson said in the announcement of the sale. “WFS is now well positioned to continue its growth trajectory in the years to come with an experienced and capable new partner.”
Economy, education, energy and transportation reporter Howard Fine can be reached at hfine@labusinessjournal.com. Follow him on Twitter @howardafine.
