Investment company Cerberus Capital Management has announced that an affiliate has completed the previously announced sale of cargo logistics business Worldwide Flight Services (WFS) to SATS for "an enterprise value" of €2.25bn.
Cerebrus bought WFS five years ago for €1.2 billion. Describing it as the world's largest air cargo logistics provider, Cerebrus said WFS has annual revenues of €2bn and operates in 158 airports in 18 countries.
“It’s been a tremendous partnership between WFS and Cerberus," said Nils Andersen, chairman of WFS, adding that "WFS is a stronger and more resilient business positioned for long-term growth".
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.”
Buyer SATS, Cerebrus said, is "Asia's leading provider of food solutions and gateway services". The tie-up with WFS will create a "pre-eminent air cargo logistics platform with a first-of-its-kind network of stations across the Americas, Europe, and Asia-Pacific".