Investment Companies Buy Majority Stake in Pilot Freight
Two investment companies have acquired a majority interest in air cargo and package operator Pilot Freight Services, the carrier announced, saying the move would enhance its service and growth aspirations.
Privately held Pilot, based on the Philadelphia area, did not disclose the terms for the step by private equity firm ATL Partners and Canada’s British Columbia Investment Management Corp. Richard Phillips will remain at the CEO’s post, and the Phillips family will retain a significant stake in Pilot. The proportion of ownership wasn’t disclosed in the statement.
“Pilot has achieved significant growth over the past forty-five years in an ever-changing logistics environment. As we pursue increasingly sophisticated opportunities, the Phillips family believes it is important for Pilot to work with experienced partners who can help us to continue to evolve and innovate in order to remain a best-in-class service provider to our customers,” said Phillips.
ATL, based in New York, also controls an Irish aircraft leasing company. The Canadian company, based in Victoria, British Columbia, manages public sector pension funds as well as making investments in publicly and privately held businesses.
Frank Nash, head of ATL, said its investment was based on expectations that Pilot and other transport businesses “are well positioned to benefit from key secular trends driving growth in this sector.”
“BCIMC is a long-term investor and this investment is consistent with our approach to partner with industry leading companies and experienced management teams,” said Jim Pittman, senior vice president of private equity.
