Platinum Equity announced it has completed the acquisition of air cargo and ground handling provider, Worldwide Flight Services from LBO France. Financial terms were not disclosed.
Bastian Lueken, head of Platinum Equity’s European investment team, said of the acquisition, “We are excited about the prospects for WFS and are working with the management team to execute on the company’s long-term growth strategy.”
According to the announcement, WFS is present at over 145 airports in more than 22 countries on five continents. WFS serves 300 airlines globally, including the handling of four million tonnes of cargo and 50m airline passengers per annum.
Platinum Equity is a global private equity firm with experience in transportation, logistics and distribution services, including aviation. Platinum Equity portfolio companies include; Active Aero Group, a North American provider of supply-chain solutions focused on transportation logistics for customers with sensitive or time-critical freight; and Neovia Logistics, a provider of spare parts logistics, warehouse management and fulfillment services, distribution solutions and other value-added logistics services.
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