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Order HereCargo handler Worldwide Flight Services (WFS) is being acquired by global investment firm Platinum Equity from its former owners, LBO France.
WFS was formed in 1971 and has grown to become the world’s largest cargo handler. It is active at over 140 major airports, employs 12,000 staff and generates annual revenues in excess of €620 million ($696 million).
In 2012, WFS was poised to merge with passenger services specialist Aviapartner, forming a company with €1 billion in annual revenues and 17,000 staff. The merged company would have been controlled by WFS majority shareholder LBO France. The deal was cleared by the European Commission, but ultimately failed to materialize because certain criteria were not met.
Instead, three years later, LBO France is selling WFS to Platinum Equity after owning the ground handler since 2006. Platinum Equity, founded in 1995, has a portfolio of more than 30 operating companies and manages more than $6 billion in assets, generating $17 billion in annual revenue. Over the past 20 years, Platinum Equity has completed more than 150 acquisitions.
“Their financial strength and M&A expertise will be of great support in our acquisition strategy,” WFS executive chairman, president and CEO Olivier Bijaoui said.
WFS, which processes around four million tons of freight annually for 300 airlines, plans to accelerate growth through new business opportunities and acquisitions. It recently acquired a controlling stake in Orbital Group, a leading Brazilian provider of ramp, passenger and airport security services and, over the last two years, acquired Swissport’s cargo business at Copenhagen Airport.
“Platinum Equity is working with WFS and its leadership team on a plan to ensure a smooth transition once the transaction closes, while developing initiatives to support the company’s long-term growth strategy. The proposed transaction is expected to close by end of June 2015 and is subject to customary regulatory consents and approvals,” WFS said.
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Order HereCargo handler Worldwide Flight Services (WFS) is being acquired by global investment firm Platinum Equity from its former owners, LBO France.
WFS was formed in 1971 and has grown to become the world’s largest cargo handler. It is active at over 140 major airports, employs 12,000 staff and generates annual revenues in excess of €620 million ($696 million).
In 2012, WFS was poised to merge with passenger services specialist Aviapartner, forming a company with €1 billion in annual revenues and 17,000 staff. The merged company would have been controlled by WFS majority shareholder LBO France. The deal was cleared by the European Commission, but ultimately failed to materialize because certain criteria were not met.
Instead, three years later, LBO France is selling WFS to Platinum Equity after owning the ground handler since 2006. Platinum Equity, founded in 1995, has a portfolio of more than 30 operating companies and manages more than $6 billion in assets, generating $17 billion in annual revenue. Over the past 20 years, Platinum Equity has completed more than 150 acquisitions.
“Their financial strength and M&A expertise will be of great support in our acquisition strategy,” WFS executive chairman, president and CEO Olivier Bijaoui said.
WFS, which processes around four million tons of freight annually for 300 airlines, plans to accelerate growth through new business opportunities and acquisitions. It recently acquired a controlling stake in Orbital Group, a leading Brazilian provider of ramp, passenger and airport security services and, over the last two years, acquired Swissport’s cargo business at Copenhagen Airport.
“Platinum Equity is working with WFS and its leadership team on a plan to ensure a smooth transition once the transaction closes, while developing initiatives to support the company’s long-term growth strategy. The proposed transaction is expected to close by end of June 2015 and is subject to customary regulatory consents and approvals,” WFS said.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereCargo handler Worldwide Flight Services (WFS) is being acquired by global investment firm Platinum Equity from its former owners, LBO France.
WFS was formed in 1971 and has grown to become the world’s largest cargo handler. It is active at over 140 major airports, employs 12,000 staff and generates annual revenues in excess of €620 million ($696 million).
In 2012, WFS was poised to merge with passenger services specialist Aviapartner, forming a company with €1 billion in annual revenues and 17,000 staff. The merged company would have been controlled by WFS majority shareholder LBO France. The deal was cleared by the European Commission, but ultimately failed to materialize because certain criteria were not met.
Instead, three years later, LBO France is selling WFS to Platinum Equity after owning the ground handler since 2006. Platinum Equity, founded in 1995, has a portfolio of more than 30 operating companies and manages more than $6 billion in assets, generating $17 billion in annual revenue. Over the past 20 years, Platinum Equity has completed more than 150 acquisitions.
“Their financial strength and M&A expertise will be of great support in our acquisition strategy,” WFS executive chairman, president and CEO Olivier Bijaoui said.
WFS, which processes around four million tons of freight annually for 300 airlines, plans to accelerate growth through new business opportunities and acquisitions. It recently acquired a controlling stake in Orbital Group, a leading Brazilian provider of ramp, passenger and airport security services and, over the last two years, acquired Swissport’s cargo business at Copenhagen Airport.
“Platinum Equity is working with WFS and its leadership team on a plan to ensure a smooth transition once the transaction closes, while developing initiatives to support the company’s long-term growth strategy. The proposed transaction is expected to close by end of June 2015 and is subject to customary regulatory consents and approvals,” WFS said.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.