Another good start and big plans in Brazil
An affiliate of the Miami (FL, USA)-based global private equity investment firm HIG Capital has invested, through convertible debt, into Modern Logistics, a major Brazilian one-stop-shop full service logistics firm.
Terms were not disclosed. Modern Logistics, the only firm of its kind in Brazil to have its own fully integrated air cargo operation dedicated to long distance, time-sensitive, and warehousing capabilities, was founded by former Jetblue VP and Co-founder of Azul Airlines, Gerald Lee.
Azul itself announced that its cargo business unit recorded a 36% growth in terms of revenue during the first quarter of 2020 and a 13% growth in March compared to the same period in 2019. This follows Azul Cargo Express’s track record of revenue growth of 41% and 61% yoy during Q1 of 2018 and 2019, respectively. (ah)