Private investment firm Platinum Equity has finalized its acquisition of Worldwide Flight Services from French equity firm LBO France.

“This is a proud day for WFS and the best possible news for our customers and employees all over the world,” said Olivier Bijaoui, executive chairman, president and CEO of WFS. “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.”

With operations at more than 145 airports in over 20 countries, WFS is the world’s largest provider of ground handling and technical services for the air cargo industry. It serves 300 airlines around the world and handles 4 million tonnes of cargo annually.

According to Platinum Equity, it already holds other logistics companies in its portfolio, such as Active Aero Group, a North American logistics provider for customers with sensitive or time-critical shipments, and Neovia Logistics, which provides spare parts logistics, distribution solutions, warehouse management and fulfilment services.