Compass advises LBO France on the successful sale of Worldwide Flight Services (“WFS”) to Platinum Equity
New York, October 1st, 2015 – Platinum Equity today announced that it has completed the acquisition of Worldwide Flight Services from LBO France. WFS is one of the world’s largest cargo handlers and a leading global provider of ground handling and technical services. Financial terms of the transaction were not disclosed.
Today WFS is present in over 145 major airports in more than 22 countries in five continents. Current revenues are approximately €700 million. WFS serves 300 airlines globally, handling an aggregate of 4 million tons of cargo and 50 million airline passengers per annum.
Olivier Bijaoui, Executive Chairman, President and CEO of WFS, said: “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. Our collaboration will enable WFS to provide even more possibilities for our customers and to explore new avenues of growth.”
Compass acted as co-advisor to LBO France alongside Benoit & Associés and Sycomore and provided crucial US-Europe cross-border advice. Compass identified and approached a number of international bidders including Platinum Equity. At various delicate stages of the negotiations, Compass helped bridge differences in price and terms to achieve a successful conclusion.
About LBO France
LBO France, an independent private equity firm with €3.1 billion under management, runs 4 non-listed strategies through dedicated teams: (i) Mid Cap LBO White Knight funds, (ii) Small Cap LBO Hexagone funds, (iii) Real estate White Stone and Lapillus funds and (iv) Credit opportunities Altercap funds. LBO France is headquartered in Paris, France.
About Platinum Equity
Platinum Equity is a global investment firm with more than $6 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. Over the past 20 years, Platinum Equity has completed more than 150 acquisitions. Platinum Equity is based in Los Angeles, CA.