Investment firm Lone Star is nearing the finish line on its acquisition of U.S. airport services provider and ground handler Alliance Ground International (AGI).
Last month, Lone Star Funds said an affiliate of Lone Star Fund XII, L.P. entered into a definitive agreement to acquire AGI from Greenbriar Equity Group and Audax Private Equity. AGI told Air Cargo News that the closing period is now ending, pending customary closing conditions and approvals. Financial terms were not disclosed.
Founded in 1987 and headquartered in Miami, AGI operates at more than 60 airports across North America and employs over 12,000 professionals. Its core business is air cargo handling, supported by passenger terminal services, ground handling and other related airport services.
Jared Azcuy remains AGI’s CEO. He previously said AGI’s longer-term objective is to expand into Europe, Canada, Mexico and South America, while continuing to build scale at fast-growing cargo airports in the United States.
Lone Star said it plans to work with AGI to identify investment priorities to scale operations across several segments and expand offerings in both new and existing markets.
“We are pleased to reach this agreement to acquire AGI, a company that has grown into a true leader,” said Lone Star CEO Donald Quintin, adding that Lone Star has experience partnering with businesses that support mission-critical services.
Azcuy said the partnership marks an important milestone for AGI’s growth strategy, and that the company aims to pursue global expansion, lead in technology innovation, and continue raising service standards for airline customers.
