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Cerberus sells flight services provider for $2.25bn

Cerberus Capital Management, a private equity firm specialising in distressed investing with around $55 billion under management, has completed the sale of Worldwide Flight Services (WFS) 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 has through organic growth and multiple add-on acquisitions, strategically expanded its global network and presence in key cargo hubs, and further developed its speciality handling segments for e-commerce and pharmaceuticals. The Company successfully drove its initiatives and significant growth through the Covid-19 pandemic, which had an unprecedented impact on the aviation industry.

Today, WFS is one of 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 an air cargo logistics platform with a  network of stations across the Americas, Europe, and Asia-Pacific.

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