Cerberus Completes Sale of Worldwide Flight Services to SATS
NEW YORK--(BUSINESS WIRE)--Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, today announced that one of its affiliates has completed the previously announced sale of Worldwide Flight Services (“WFS” or the “Company”) to SATS for an enterprise value of €2.25 billion.
Cerberus acquired WFS in 2018 for an enterprise value of €1.2 billion. Since then, WFS strengthened its leadership position and executed on operational improvements, including investments in technology and digitization to enhance service and productivity. Through organic growth and multiple add-on acquisitions, the Company strategically expanded its global network and presence in key cargo hubs, and further developed its specialty handling segments for e-commerce and pharmaceutical, while continuing to lead the industry with world-class safety and security. The Company successfully drove its initiatives and significant growth through the COVID-19 pandemic, which had an unprecedented impact to the aviation industry.
Today WFS is the world’s largest air cargo logistics provider with annual revenues of €2 billion. The Company has a presence in 158 airports across 18 counties and partners with a diversified customer base of leading airlines, freighters and integrators, and freight forwarders. SATS is Asia's leading provider of food solutions and gateway services. WFS’ strategic combination with SATS creates a pre-eminent air cargo logistics platform with a first-of-its-kind network of stations across the Americas, Europe, and Asia-Pacific.
“We’re incredibly proud to have partnered with WFS and its talented team,” said Craig Brooks, Senior Managing Director at Cerberus. “Together, we executed on transformative operating and strategic initiatives to further establish the Company’s distinct leadership in air cargo logistics. WFS is well-positioned for today and the future and we look forward to following its continued success with SATS.”
Craig Smyth, CEO of WFS, commented: “From the beginning, Cerberus shared our vision and commitment to strengthening our business for the benefit of our customers and employees. Our achievements have paved the way for WFS to enter this next stage of growth. Together with SATS, we’ll be able to build on our leadership and expand our value proposition for customers.”
Nils Andersen, Chairman of WFS, added: “It’s been a tremendous partnership between WFS and Cerberus. Today WFS is a stronger and more resilient business positioned for long-term growth. This combination with SATS will support WFS’ next chapter and bring many benefits to our stakeholders.”
Founded in 1992, Cerberus is a global leader in alternative investing with approximately $60 billion in assets under management across complementary credit, private equity, and real estate strategies. We invest across the capital structure where we believe our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
Founded in 1984, WFS is the world’s largest air cargo logistics provider and one of the leading providers of ground handling and technical services with annual revenues of €2 billion. Its more than 30,000 employees serve over 300 customers at 158 major airports in 18 countries on five continents. For more information, please visit www.wfs.aero.