Worldwide Flight Services (WFS), a cargo and ground handler, has purchased Consolidated Aviation Services from investment firm ICV Partners. ICV acquired the target in 2011, then known as Cargo Airport Services (CAS).
CAS is headquartered at John F. Kennedy International Airport and is the largest cargo handler in North America. Under ICV’s ownership, CAS grew its airport locations from 12 to 45, which included an expansion into Latin America.
Irving, Texas-based WFS is owned by private equity firm Platinum Equity and has a presence at over 145 major airports in more than 22 countries on five continents. Financial terms of its acquisition of CAS have not been disclosed.
Lower fares have resulted in increased air travel, says trade group the International Air Transport Association. In turn, this has led to increased M&A deals in the aviation space. In February, World Fuel Services Corporation (NYSE: INT) announced plans to acquire aviation fueling operations from affiliates of ExxonMobil. Also in February, private equity firm Liberty Hall Capital Partners purchased aircraft parts maker AIM Aerospace for $220 million.
BB&T Capital Markets and Lazard Middle Market were financial advisers to CAS on the transaction. Kirkland & Ellis served as legal adviser.