Cargo Air Services, LLC, Jamaica, NY, a former MidMark Capital portfolio company.
Air cargo handling services for major airlines.
Growth at this small company had stalled. CAS’ founders recognized there were opportunities to expand, but needed partners to help them achieve their goals. In addition, the founders were nearing retirement age and wanted to diversify their investment portfolio by cashing out of some of the equity they had built in the company.
We began by building the industry’s best management team around the CEO founder, enabling him to step back to the role of Chairman. We put in place a human capital and systems infrastructure capable of pursuing an aggressive organic growth strategy. In addition, we helped source and close four tuck-in acquisitions.
CAS became the largest US-based provider of air cargo handling services in the country. We expanded our footprint from two to 12 airports and from three warehouse facilities to 20, all while increasing revenue from $15 million to $93 million. We sold the company to a private equity firm that continued to employ our same team and strategy to increase CAS’ dominance in the US cargo handing market.