It’s not that long ago that Olivier Bijaoui, Executive Chairman, President & CEO of Worldwide Flight Services (WFS) stated after the recent takeover of Fraport Cargo Services, that his expansion plans for WFS’s cargo arm would not stop there.
Today, January 11th, it was announced that WFS is to acquire Consolidated Aviation Services (CAS), one of the leading cargo handlers in the United States.
The agreement for the takeover of CAS is a done deal, however both sides are not revealing the financial terms and the transaction is still subject to normal regulatory approval as well as what is termed as customary closing conditions.
CAS is a cargo handling leader in the USA
The New York headquartered handling entity serves more than 250 airline customers and is seen as being one of the most professional cargo handlers in the U.S. market.
CAS’s CEO Mike Duffy is no stranger to WFS as he once ran the WFS cargo operation in the USA before taking up the position as CEO of Consolidated Aviation Services.
Olivier Bijaoui also welcomes this move and comments that “the proposed acquisition will not only create a unique organization in the United States that combines the best of both companies, but
will reinforce WFS’s position as one of the world’s premier cargo handlers.” Olivier added “I know Mike Duffy, President & 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.”
Who comes next?
Platinum Equity’s chief, Bastian Lueken, which owns Worldwide Flight Services confirmed their commitment in supporting the future growth of WFS by stating that “we are delivering on our pledge to support the profitable growth of WFS by pursuing complementary, accretive add-on acquisitions which present immediate synergies.”
What comes next for WFS after the Fraport Cargo Services and Consolidated Aviation Services takeovers?
Watch this space as we imagine it’s not over yet!
John Mc Donagh