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Indiaexportnews.com

Cerberus Capital Management to acquire ground handler WFS

  02.07.2018    

Cerberus Capital Management's subsidiary has signed an agreement to acquire global ground handler Worldwide Flight Services (WFS) from Platinum Equity.
Headquartered in Paris, WFS has EUR1.2 billion (US$1.39 billion) in total revenues, a presence in 198 airport locations in 22 countries and serves 300 customers.
"WFS is a market leader in aviation services and is positioned to benefit from attractive long-term industry growth," Cerberus senior managing director Brett Ingersoll was quoted as saying in a report by London's Air Cargo News.
He added: "Cerberus has extensive operational experience and a successful track record in aviation and we are excited to support WFS's next stage of growth."
WFS chief executive Craig Smyth said: "WFS has transformed into a leading global aviation handling player in recent years through growth and operational initiatives. We believe that Cerberus is the ideal partner to support our continued transformation."
Cerberus managing director of European private equity Craig Brooks commented: "We plan to partner with Craig Smyth, and WFS's management team and 22,800 dedicated and hardworking employees, to enhance WFS's growth and services. Cerberus has a longstanding presence in Europe, and WFS will be a fantastic addition to our growing portfolio."



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