FORT LAUDERDALE, Fla., July 26, 2016 /PRNewswire/ -- Amerijet Holdings, Inc. is pleased to announce the acquisition of the company, and its subsidiaries Amerijet International, Inc. and ITN Worldwide, by affiliates of private equity firm ZS Fund L.P. from an affiliate of H.I.G. Capital.
Amerijet International is an all-cargo air carrier, operating Boeing 767 and Boeing 727 aircraft from its primary hub at Miami International Airport to destinations throughout the Caribbean, Central America, Mexico and South America. With more than 40 years of experience, 25 offices in the U.S. and over 130 offices worldwide, Amerijet International and its logistics partner, ITN Worldwide, provide seamless transportation and logistics solutions for freight of any size or type to destinations throughout the world.
"This new partnership with ZS Fund signifies a very important step forward for Amerijet, ITN Worldwide, and their customers," stated incoming President & CEO Vic Karjian. "With the same strong management team and employees in place, we intend to continue to provide the professional service and highly reliable operations that Amerijet's customers have come to expect. With the support of ZS Fund, we plan to continue to grow and diversify our service offerings to create more products and opportunities to meet the needs of our current and future customers. We also want to express our gratitude to Dave Bassett for his exemplary leadership since founding Amerijet 42 years ago. Dave has worked tirelessly to build the company into what it is today."
"H.I.G. has been an ideal partner over the past 15 years," said David Bassett, the founder of Amerijet. "They have supported Amerijet through numerous strategic initiatives since investing in the Company in 2001, enabling Amerijet to access new markets, expand capacity and provide our customers an unparalleled level of service. Amerijet is well positioned for its next phase of growth with ZS Fund L.P. and Vic Karjian, the incoming CEO."
ABOUT ZS FUND L.P.
ZS Fund L.P. is a New York-based private equity firm engaged in making long-term investments in successful middle-market companies in partnership with management. Since 1985, ZS Fund has focused on transactions that provide liquidity to business owners while enabling them to maintain a significant ownership stake and keep their company independent. Since its inception, ZS Fund has invested in companies in transactions with an aggregate value of approximately $2 billion. For more information, please refer to the ZS Fund website at www.zsfundlp.com.
ABOUT H.I.G. CAPITAL
H.I.G. Capital is a leading global private equity and alternative assets investment firm with over $20 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused, value-added approach. For more information, please refer to the H.I.G. website at www.higcapital.com.
MEDIA CONTACT: Christine Richard, Amerijet International at 954-320-5354
* Based on total capital commitments managed by H.I.G. Capital and affiliates.