An affiliate of Cerberus Capital Management, L.P. has entered into an agreement to acquire Worldwide Flight Services from Platinum Equity.

“WFS is a market leader in aviation services and is positioned to benefit from attractive long-term industry growth.” said Brett Ingersoll, head of global private equity and senior managing director of Cerberus. “Cerberus has extensive operational experience and a successful track record in aviation and we are excited to support WFS’s next stage of growth.”

WFS is headquartered in Paris and provides cargo-handling and ground-handling services to over 300 customers in 198 airport locations, generating over €1.2 billion (US$1.4 billion) in total revenue.

“WFS has transformed into a leading global aviation handling player in recent years through growth and operational initiatives,” said Craig Smyth, CEO of WFS. “We believe that Cerberus is the ideal partner to support our continued transformation.”

Cerberus Capital Management was established in 1992 and has approximately US$34 billion under management across complementary private equity, credit and real estate strategies. The company is headquartered in New York City and has a network of affiliate and advisory offices in the US, Europe and Asia.

“We plan to partner with Craig Smyth, and WFS’s management team, and its 22,800 dedicated and hardworking employees, to enhance its growth and services,” said Craig Brooks, managing director of European private equity at Cerberus. “Cerberus has a longstanding presence in Europe and WFS will be a fantastic addition to our growing portfolio.”