BB&T Capital Markets Serves as Lead Financial Advisor to Consolidated Aviation Services in its Sale to Worldwide Flight Services
On February 29, 2016, Consolidated Aviation Services, LLC (“CAS” or the “Company”), a portfolio company of ICV Partners (“ICV”), was acquired by Worldwide Flight Services, Inc. (“WFS”), a portfolio company of Platinum Equity (“Platinum”). BB&T Capital Markets served as the lead financial advisor to CAS.
About the Companies
Headquartered in Jamaica, NY, CAS is one of the leading cargo handlers in North America, serving over 120 airline customers at 45 locations across the U.S. and Canada. CAS handles nearly two million tons of cargo annually. The Company also provides passenger, ramp, and mail handling services in addition to its core cargo handling offering.
Founded in 1998, ICV Partners is a leading private investment firm that supports management leaders of strong companies at the lower end of the middle market. The principals of ICV have a strong track record of helping companies improve performance over the long term and across a variety of industries. ICV seeks to make control investments in market leading business with $25 million to $250 million in revenue.
Headquartered in Paris, France, WFS is a leading international cargo handler, operating in more than 22 countries on five continents, serving 300 airlines globally, and handling over four million tons of cargo and 50 million airline passengers per year. WFS also provides interline baggage handling (airport baggage systems), ramp services, airport lounge services, and maintenance of airport and plant equipment.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $6 billion of assets under management and a portfolio of more than 25 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations across a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years Platinum Equity has completed more than 175 acquisitions.
Logistics & Transportation Services
BB&T Capital Markets' Logistics & Transportation Group provides M&A, capital raising and corporate banking services to companies in the logistics and transportation industry, including third-party logistics providers (freight forwarding, contract warehousing, truck brokerage), trucking (truckload and LTL), marine transportation (inland barge and international shipping), railroads, transportation equipment and waste services. BB&T’s Logistics & Transportation Corporate Banking Team manages in excess of $2.1 billion of assets, comprised by more than 50 industry relationships. The team specializes in delivering corporate finance and equipment finance solutions to industry participants spread across all sectors of the transportation industry.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.