LOS ANGELES (Oct. 1, 2015) – Platinum Equity today announced it has completed the acquisition of Worldwide Flight Services from LBO France. WFS is one of the world's largest cargo handlers and a leading global provider of ground handling and technical services. Financial terms were not disclosed.
Bastian Lueken, head of Platinum Equity’s European investment team, said: “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.”
Today WFS is present at over 145 major airports in more than 22 countries on five continents. WFS serves 300 airlines globally, including the handling of four million tons of cargo and 50 million airline passengers per annum.
Olivier Bijaoui, Executive Chairman, President and CEO of WFS, said: “This is a proud day for WFS and the best possible news for our customers and employees all over the world. It is the start of a new and exciting chapter in our long history and with Platinum Equity’s operational support and financial strength we can now build on the growth we have achieved in recent years. Our collaboration will enable WFS to provide even more possibilities for our customers and to explore new avenues of growth.”
Platinum Equity is a global private equity firm currently investing from a $3.75 billion buyout fund focused on acquiring businesses that can benefit from the firm’s operational expertise. The firm has substantial experience in transportation, logistics and distribution services, including aviation. Recently held 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.
Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) 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. In 2014, Platinum Equity portfolio companies generated more than $17 billion in revenue. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years Platinum Equity has completed more than 150 acquisitions.