PARIS: January 11, 2016. Worldwide Flight Services (WFS), provider of cargo and airline handling services, is to acquire Consolidated Aviation Services (CAS). Based in New York, CAS provides cargo handling services to a large number of major airlines throughout the U.S.
The announcement follows a US$2.5 million investment last year by CAS to expand its perishables handling center at Miami airport. As a result the company reported a 400 percent throughput increase to 70,000 tonnes for the first nine months of 2015.
Commenting on the proposed acquisition Olivier Bijaoui, CEO of WFS, said it would create a unique organization that will reinforce his company's position as one of the world’s top cargo handlers.
“I know Mike Duffy, president and CEO of CAS, and the CAS team well; have worked with many of them before, and have a great deal of respect for what they have accomplished. The success of CAS is a testament to the hard work of its employees, and the combination will create one of the most knowledgeable and experienced teams in this industry,” he declared.
Last year private equity firm LBO France sold WFS to Platinum Equity – a specialist merger, acquisition and operation (M&A&O) company - for an undisclosed sum. Bastian Lueken, head of Platinum Equity's European investment team said his company is now "delivering on our pledge to support the profitable growth of WFS by pursuing complementary, accretive add-on acquisitions which present immediate synergies".
In November last year WFS acquired a 51 percent share in Fraport Cargo Services, an independent cargo services provider at Frankfurt airport handling 500,000 tonnes of airfreight per year for 40 airlines.
Founded in 1971, WFS currently employs 14,000 staff at 145 airports in 22 countries serving 50 million passengers and handling over four million tonnes of cargo per annum for 300 airline customers.