Cerberus Capital Management has entered into an agreement to acquire handling agent Worldwide Flight Services (WFS) from Platinum Equity.

Founded in 1992, Cerberus specialises in alternative investing with approximately $34 billion in assets across complementary credit, private equity, and real estate strategies.

Paris-headquartered WFS is the world’s largest air cargo handler and provider of ground handling services with over €1.2 billion of revenue, and a presence in 198 airport locations in 22 countries serving over 300 customers.

Cerberus senior managing director and head of global private equity, Brett Ingersoll says: “WFS is a market leader in aviation services and is positioned to benefit from attractive long-term industry growth. 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 chief executive officer, Craig Smyth says: “WFS has transformed into a leading global aviation handling player in recent years through growth and operational initiatives. We believe that Cerberus is the ideal partner to support our continued transformation.”

Cerberus managing director of European Private Equity, Craig Brooks says: “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. Cerberus has a longstanding presence in Europe and WFS will be a fantastic addition to our growing portfolio.”

Citigroup Global Markets served as financial advisor to Cerberus and Linklaters was the legal advisor.