PAI, Baring Private Equity Asia to Buy World Freight From Greenbriar Equity

PAI, Baring Private Equity Asia to Buy World Freight From Greenbriar Equity

PAI Partners and Baring Private Equity Asia are acquiring World Freight Company International, a cargo freight services provider, from existing shareholders Greenbriar Equity Group and company Chairman Pierre Brunet.

Rye, New York-based firm Greenbriar in 2015 took majority ownership of World Freight, according to a news release at that time. It said minority investors including 3i Group PLC, ActoMezz, IDI Group, Idinvest Partners and Ardian would exit their investment.

Based in Roissy, France, World Freight manages more than €1.3 billion of cargo freight capacity annually for more than 200 airline customers on more than 16,000 routes. The company has more than 1,100 employees in more than 200 offices world-wide.

European firm PAI said it would work with Asian firm Baring Private Equity Asia to expand World Freight’s international network both organically and through acquisitions. Terms of the deal weren’t disclosed.

Founded in 1999, Greenbriar has more than $3 billion of committed capital and invests between $75 million to $150 million of equity capital per deal in companies with enterprise values ranging from $100 million to $1 billion or more. The firm focuses on investments in the aviation, aerospace and defense, logistics, distribution, business services, freight and passenger transport, automotive, industrial equipment, and other related sectors.

PAI has offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. The firm manages €12.3 billion of dedicated buyout funds.

Baring Private Equity Asia, with committed capital of more than $11 billion, has offices in Hong Kong, China, India, Indonesia, Japan and Singapore. The firm runs a pan-Asian investment program that invests in private equity, real estate and private credit.