Investment firm Lone Star is in the process of completing its acquisition of US airport services provider and ground handler Alliance Ground International (AGI).
Last month, Lone Star Funds announced that an affiliate of Lone Star Fund XII, L.P. had entered into a definitive agreement to acquire AGI from Greenbriar Equity Group and Audax Private Equity.
AGI informed Air Cargo News today that the “closing period is ending” for the acquisition.
Founded in 1987 and headquartered in Miami, AGI operates in over 60 airports in North America and employs more than 12,000 professionals.
AGI’s core business is air cargo handling, supported by passenger terminal, ground handling and other related services.
Jared Azcuy remains the chief executive of AGI. Last year, he told Air Cargo News that AGI’s ultimate goal is to expand into Europe, Canada, Mexico and South America as it continues to build its business at growing cargo airports across the US.
Lone Star said it would work with AGI to target areas for investment to scale its operations across several of its segments and to expand its offering in new and existing markets.
“We are pleased to reach this agreement to acquire AGI, a company that has grown into a true leader,” said Donald Quintin, chief executive of Lone Star.
“Lone Star has a history of partnering with businesses like AGI that support mission-critical services to key industries.
“We will work alongside the company’s management team to drive growth, while also remaining committed to the high-quality operations its customers have come to expect.”
Azcuy said: “This partnership with Lone Star marks an important milestone in AGI’s continued growth.
“Our strong focus on safety, reliability, and service excellence has driven AGI’s rapid expansion across the aviation industry.
“Working alongside Lone Star, we are excited to pursue global growth, lead in technological innovation, and continue raising the standard of service for our airline customers.”=
The transaction is subject to customary closing conditions and approvals. Financial terms of the transaction were not disclosed.
