(MIAMI) – US private equity firm HIG Capital says it has sold its portfolio company, Amerijet International (M6, Fort Lauderdale International), to an affiliate of ZS Fund L.P., a middle-market focused private equity firm, for an undisclosed sum.
“H.I.G. has been an ideal and patient partner over the past fifteen years,” said David Bassett, the founder of Amerijet.
He added: “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 and Vic Karjian, the incoming chief executive.”
Launched in 1974, Amerijet has grown from a small charter service operator to the leading provider of cargo and logistics solutions to the Caribbean and Latin America. The Florida-headquartered company maintains its main cargo and flight hub in Miami, a network of field offices throughout the US, and has over 200 agents across 137 countries. Its fleet currently consists of three B727-200(F)s, three B767-200(F)s, and two B767-300(F)s.
“It has been personally and professionally rewarding to work with David Bassett and the dedicated management team at Amerijet,” said Jeff Zanarini, Managing Director at H.I.G.
He added: “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. We look forward to seeing Amerijet continue its success.”
This change of ownership is not expected to negatively affect its core markets in the Caribbean and Latin America who depend on Amerijet for major air freight capacity but is seen as a welcome move as the additional injection of capital could see an expansion of services.