Air charter and cargo services provider Ameriflight LLC has been acquired by Pebbles Aviation LLC, an investment group in Sarasota, Fla., the companies announced on Thursday.

Ameriflight, based at Burbank Bob Hope Airport, provides feeder services to overnight express carriers UPS, FedEx and DHL. It also provides contract services to freight forwarders, banks and laboratories.

The company employees more than 600 nationwide and its 170 aircraft fly throughout North America and the Caribbean.

“Our goal is stable leadership and strategic growth that best serves Ameriflight’s customers and employees,” said James J. Martell, a principal at Pebbles, in a statement.

Martell is assuming the post of executive chairman of Ameriflight, while Andrew Lotter has been named president. Lotter replaces the aviation firm’s founder, Gary Richards, who retired after 45 years.