Worldwide Flight Services to acquire Consolidated Aviation Services
Jan 12, 2016: Worldwide Flight Services (WFS), the world’s largest air cargo handler and one of the leading providers of airline ground handling and technical services, signed an agreement to acquire Consolidated Aviation Services (CAS). Financial terms were not disclosed. The transaction is subject to regulatory approval and other customary closing conditions.
Olivier Bijaoui, Executive Chairman, president & chief executive officer, WFS, said, “The proposed acquisition will not only create a unique organisation in the United States that combines the best of both companies, but will also reinforce WFS’ position as one of the world’s premier cargo handlers. I know Mike Duffy, president & chief executive officer of CAS, and the CAS team well, have worked with many of them before, and have a great deal of respect for what they have accomplished. The success of CAS is a testament to the hard work of its employees, and the combination will create one of the most knowledgeable and experienced teams in this industry.”
CAS, headquartered in New York, is one of the leading cargo handlers in the United States, serving over 250 airline customers. WFS, which was acquired by Platinum Equity in September 2015, is present at over 145 major airports in more than 22 countries on five continents. WFS serves 300 airlines globally, including the handling of over four million tonnes of cargo and 50 million airline passengers per annum.
Bastian Lueken, head of Platinum Equity’s European investment team, said, “We are delivering on our pledge to support the profitable growth of WFS by pursuing complementary, accretive add-on acquisitions which present immediate synergies.”
In November 2015, WFS also completed its acquisition of a 51 percent shareholding in Fraport Cargo Services, confirming its strategic partnership with Fraport AG for airfreight handling at Frankfurt Airport, one of the world’s most important cargo gateways. FCS is the largest airline-independent cargo handling provider at the airport and handles about 500,000 tonnes of airfreight per year for some 40 airline customers.
Platinum Equity is a global investment firm with more than $6 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world.