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Worldwide Flight Services to acquire NY's Consolidated Aviation Services
AIR cargo handler and provider of ground handling services, Worldwide Flight Services (WFS), announced it has reached an agreement to acquire Consolidated Aviation Services (CAS). It declined to disclose the financial terms.
Based in New York, CAS is one of the leading cargo handlers in the United States, serving 250 airline customers. WFS, which was acquired by Platinum Equity in September 2015, is present at 145 major airports in 22 countries on five continents. WFS serves 300 airlines globally, including the handling of four million tons of cargo.
Said WFS president and CEO Olivier Bijaou: "I know Mike Duffy, president and CEO 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."
Commenting on the transaction that is subject to regulatory approval and other customary closing conditions, head of Platinum Equity's European investment team, Bastian Lueken, 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 completed its acquisition of a 51 per cent shareholding in cargo handler, Fraport Cargo Services, at Frankfurt Airport. The shares were sold by Fraport AG. FCS handles 500,000 tonnes of air freight per year for some 40 airline customers.
Based in New York, CAS is one of the leading cargo handlers in the United States, serving 250 airline customers. WFS, which was acquired by Platinum Equity in September 2015, is present at 145 major airports in 22 countries on five continents. WFS serves 300 airlines globally, including the handling of four million tons of cargo.
Said WFS president and CEO Olivier Bijaou: "I know Mike Duffy, president and CEO 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."
Commenting on the transaction that is subject to regulatory approval and other customary closing conditions, head of Platinum Equity's European investment team, Bastian Lueken, 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 completed its acquisition of a 51 per cent shareholding in cargo handler, Fraport Cargo Services, at Frankfurt Airport. The shares were sold by Fraport AG. FCS handles 500,000 tonnes of air freight per year for some 40 airline customers.
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