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WFS buys Consolidated Aviation Services in sector's raging multi-mergers
PARIS based ground handling giant Worldwide Flight Services (WFS) has acquired Consolidated Aviation Services (CAS), the largest cargo handler in North America, and by doing so has become the biggest in the world.
WFS itself was acquired by Los Angeles-based Platinum Equity. In November 2015, WFS bought 51 per cent of Fraport Cargo Services at Frankfurt Airport, which was then renamed Frankfurt Cargo Services.
CAS was part of a portfolio belonging to ICV Partners, an investment firm focused on lower-middle market companies, reported Atlanta area Air Cargo World. ICV acquired Cargo Airport Services in 2011 and rebranded it as Consolidated Aviation Services in 2013.
CAS provides cargo, passenger ramp, and express handling services to more than 120 international airlines and integrators. The company currently has more than 5,000 employees and operates at 45 airports.
"We accomplished all the objectives we and the CAS management team outlined early in our partnership," said Zeena Rao, a managing director at ICV. "Since 2011, CAS expanded from 12 to 45 airport locations." She added that it expanded into Latin America and more than doubled revenue in five years.
WFS itself was acquired by Los Angeles-based Platinum Equity. In November 2015, WFS bought 51 per cent of Fraport Cargo Services at Frankfurt Airport, which was then renamed Frankfurt Cargo Services.
CAS was part of a portfolio belonging to ICV Partners, an investment firm focused on lower-middle market companies, reported Atlanta area Air Cargo World. ICV acquired Cargo Airport Services in 2011 and rebranded it as Consolidated Aviation Services in 2013.
CAS provides cargo, passenger ramp, and express handling services to more than 120 international airlines and integrators. The company currently has more than 5,000 employees and operates at 45 airports.
"We accomplished all the objectives we and the CAS management team outlined early in our partnership," said Zeena Rao, a managing director at ICV. "Since 2011, CAS expanded from 12 to 45 airport locations." She added that it expanded into Latin America and more than doubled revenue in five years.
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