AIT Worldwide fills its war chest
Less than three months after taking over Fiege's IFF activities, AIT Worldwide Logistics has concluded its partnership with private equity group Quad-C Management. While Quad-C sold its full stake, the New York City-based middle-market financial firm The Jordan Company (TJC) stepped in for recapitalisation.
The agreement coincides with AIT crossing the threshold of USD 1 billion gross revenue for the first time. In detail, gross revenues were at USD 1.2 billion in 2020.
The transaction, expected to be finalised at the end of March, is a milestone in AIT’s partnership with TJC. According to Vaughn Moore, AIT’s president and CEO, the recapitalisation is meant to prepare the freight forwarder for the next phase of its strategic growth plan.
AIT has finalised eleven company acquisitions since 2017. The transaction, whose details were not disclosed, is expected to become effective at the end of the first quarter, subject to customary closing conditions and completion of review under antitrust laws. (sh)