Platinum Equity has completed the acquisition of Worldwide Flight Services, a provider of airport-based ground handling and technical services, from LBO France.
Worldwide Flight Services (WFS) serves more than 300 airlines globally and handles and services approximately four million tons of cargo and 50 million airline passengers each year. WFS has operations at over 145 airports in more than 22 countries on five continents and is headquartered in Paris with additional offices in Irving, TX and Hong Kong. The company was founded in 1983 and acquired by LBO France in 2006 (www.wfs.aero).
“We are excited about the prospects for Worldwide Flight and are working with the management team to execute on the company’s long-term growth strategy,” said Bastian Lueken, head of Platinum Equity’s European investment team.
“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,” said Olivier Bijaoui, Executive Chairman, President and CEO of WFS. “Our collaboration will enable WFS to provide even more possibilities for our customers and to explore new avenues of growth.”
Platinum Equity invests in a range of industries including information technology, telecommunications, logistics, metals services, manufacturing and distribution. The firm has completed nearly 150 acquisitions with more than $27.5 billion in annual revenue at the time of acquisition. Platinum Equity was founded in 1995 and is based in Beverly Hills with additional offices in New York and London (www.platinumequity.com).
LBO France is a middle-market private equity firm based in Paris (www.lbofrance.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-2-15