Fort Lauderdale, FLA-headquartered freight carrier Amerijet has a new proprietor. It’s the New York-based private equity firm ZS Fund L.P., who purchased the airline from asset manager H.I.G Capital for an undisclosed amount.
Ever since its inception in 1974, Amerijet has grown from a niche charter operator to a major capacity provider for cargo transport from its main gateway Miami Airport to Latin America and the
Caribbean. Currently, it operates a fleet of ten freighter aircraft, consisting of Boeing 727-200Fs and 767-200/300Fs. Last year, Amerijet uplifted a total of 90,000 tons.
H.I.G.s involvement in Amerijets dates back to 2001, when the investor became the carrier’s main stakeholder. Thanking his company’s long-term owner, Amerijet’s founder David Bassett spoke of an “ideal and patient partner over the past fifteen years.” He went on to say: “H.I.G. supported Amerijet through numerous strategic initiatives since investing in the Company in 2001, enabling Amerijet to access new markets, expand capacity and continue to offer our customers an unparalleled level of service. Amerijet is well positioned for its next phase of growth with ZS Fund L.P. and Vic Karjian, the incoming CEO.”
In his reply, Jeff Zanarini, Managing Director at H.I.G. said: “It has been personally and professionally rewarding to work with David Bassett and the dedicated management team at Amerijet. The Company has outperformed our expectations due to management’s excellent execution of a strong strategic vision. As a result, Amerijet generated strong revenue and EBITDA growth, which resulted in an outstanding investment outcome for management, H.I.G. and its investors.”
Hopefully, the carrier’s new owner will support the further development of its latest portfolio member as predecessor H.I.G. has done.