Cerberus Capital Management to acquire WFS
Platinum Equity has signed a definitive agreement to sell Paris-based ground handler giant Worldwide Flight Services (WFS) to affiliates of Cerberus Capital Management in a transaction valued at approximately €1.2 billion.
June 20, 2018: Platinum Equity has signed a definitive agreement to sell Paris-based ground handler giant Worldwide Flight Services (WFS) to affiliates of Cerberus Capital Management in a transaction valued at approximately €1.2 billion.
The sale is expected to close during Q4 2018, subject to regulatory approval and certain closing conditions.
WFS has a presence in 198 airport locations in 22 countries and serves over 300 customers.
"WFS is a market leader in aviation services and is positioned to benefit from attractive long-term industry growth," said Brett Ingersoll, head of Global Private Equity and senior managing director of Cerberus.
"Cerberus has extensive operational experience and a successful track record in aviation and we are excited to support WFS's next stage of growth."
Craig Smyth, CEO of WFS, 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."
Craig Brooks, managing director of European Private Equity at Cerberus 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."
Citigroup Global Markets Limited served as financial advisor to Cerberus and Linklaters LLP was Cerberus's legal advisor.