SAI C360 Merger (sp)
SAI C360 Merger (sp)
07-22-2007, 01:02 PM
#4
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I think its a done deal. SA has told their training dept. that "we will be ramping up training for the next 5 months as SA is expanding". I think the poor C360 guys and their dreams of starting and shaping their own airline are over. I'll bet money this is the way it will iron out.
07-22-2007, 04:50 PM
#5
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Originally Posted by dutch747
I think its a done deal. SA has told their training dept. that "we will be ramping up training for the next 5 months as SA is expanding". I think the poor C360 guys and their dreams of starting and shaping their own airline are over. I'll bet money this is the way it will iron out.
Ouch
Hope you are wrong....
07-26-2007, 10:30 PM
#6
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Posts: 588
Dutch is right again.... Dang..
Originally Posted by dutch747
I think its a done deal. SA has told their training dept. that "we will be ramping up training for the next 5 months as SA is expanding". I think the poor C360 guys and their dreams of starting and shaping their own airline are over. I'll bet money this is the way it will iron out.
McD or BK there Dutch?It's official, the two companies inked a deal to merge, should be complete by 1Q of 2008, but the devil's in the details, still needs DOT and FAA approval.
Pictures at 11...
07-27-2007, 01:51 AM
#7
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Originally Posted by SabreDriver
But alas, Dutch is right again. Guess I owe him a dinner McD or BK there Dutch?
It's official, the two companies inked a deal to merge, should be complete by 1Q of 2008, but the devil's in the details, still needs DOT and FAA approval. Pictures at 11...
McD or BK there Dutch?It's official, the two companies inked a deal to merge, should be complete by 1Q of 2008, but the devil's in the details, still needs DOT and FAA approval.
Pictures at 11...press release out...........
FOR Immediate Release
OAK HILL CAPITAL PARTNERS TO ACQUIRE SOUTHERN AIR
Southern Air to be Combined with Cargo 360 to Create a Leading Global Air Cargo Company
New York, NY. July 26, 2007
– Oak Hill Capital Partners, a leading private equity firm, announced today that it has
executed a definitive agreement to acquire Southern Air Inc., a premier provider of air cargo services to airlines
worldwide. Subsequent to the closing of the transaction, Southern Air will be combined with Cargo 360, Inc., an
existing Oak Hill Capital portfolio company. Southern Air’s founder and CEO, James K. Neff, and his family will
retain a significant minority interest in the combined company, and Mr. Neff will serve as its CEO. Terms of the
transaction were not disclosed.
The combined business, which will operate under the Southern Air Holdings, Inc. name, will be one of the largest and
fastest growing global air cargo companies providing aircraft, crew, maintenance and insurance (“ACMI”) services to
airline customers worldwide. On a combined basis, Southern Air Holdings will operate a fleet of 13 Boeing 747
“classic” freighters. In addition, Southern Air Holdings has reached agreement to add another Boeing 747 “classic”
freighter and two Boeing 747-400BCF freighters to its fleet in 2008, and anticipates operating six new Boeing 777
freighters in the future. Southern Air Holdings will be headquartered in Norwalk, Connecticut, with flight and
maintenance bases located around the world.
Mr. Neff said, “We are very excited to partner with Oak Hill Capital to create the leading low cost, global provider of
ACMI cargo services. The combination of Southern Air and Cargo 360 will result in significant cost savings and
synergies which will enhance our service offering to current and future customers. In addition, Oak Hill Capital’s
experience in, and commitment to, the broader aerospace industry will provide us additional resources to grow our
business.”
Rowan Taylor, a Partner at Oak Hill Capital Partners, added, “Southern Air and Cargo 360 each share a common vision
for successfully serving their global airline customers, and the combined business will have the resources to continue
this service and to grow. We look forward to working with Jim and his outstanding management team.”
The transaction is expected to close in September 2007.
Oak Hill Capital Partners was advised by CIBC World Markets Corp. and Weil, Gotshal & Manges LLP. Southern Air
was advised by Bear, Stearns & Co., Inc. and Kramer Levin Naftalis & Frankel LLP.
executed a definitive agreement to acquire Southern Air Inc., a premier provider of air cargo services to airlines
worldwide. Subsequent to the closing of the transaction, Southern Air will be combined with Cargo 360, Inc., an
existing Oak Hill Capital portfolio company. Southern Air’s founder and CEO, James K. Neff, and his family will
retain a significant minority interest in the combined company, and Mr. Neff will serve as its CEO. Terms of the
transaction were not disclosed.
The combined business, which will operate under the Southern Air Holdings, Inc. name, will be one of the largest and
fastest growing global air cargo companies providing aircraft, crew, maintenance and insurance (“ACMI”) services to
airline customers worldwide. On a combined basis, Southern Air Holdings will operate a fleet of 13 Boeing 747
“classic” freighters. In addition, Southern Air Holdings has reached agreement to add another Boeing 747 “classic”
freighter and two Boeing 747-400BCF freighters to its fleet in 2008, and anticipates operating six new Boeing 777
freighters in the future. Southern Air Holdings will be headquartered in Norwalk, Connecticut, with flight and
maintenance bases located around the world.
Mr. Neff said, “We are very excited to partner with Oak Hill Capital to create the leading low cost, global provider of
ACMI cargo services. The combination of Southern Air and Cargo 360 will result in significant cost savings and
synergies which will enhance our service offering to current and future customers. In addition, Oak Hill Capital’s
experience in, and commitment to, the broader aerospace industry will provide us additional resources to grow our
business.”
Rowan Taylor, a Partner at Oak Hill Capital Partners, added, “Southern Air and Cargo 360 each share a common vision
for successfully serving their global airline customers, and the combined business will have the resources to continue
this service and to grow. We look forward to working with Jim and his outstanding management team.”
The transaction is expected to close in September 2007.
Oak Hill Capital Partners was advised by CIBC World Markets Corp. and Weil, Gotshal & Manges LLP. Southern Air
was advised by Bear, Stearns & Co., Inc. and Kramer Levin Naftalis & Frankel LLP.
About Oak Hill Capital Partners
Oak Hill Capital Partners is a private equity firm with more than $4.6 billion of committed capital from leading
entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robert M.
Bass is a lead investor. During a period of over 20 years, the professionals at Oak Hill Capital Partners have invested
in more than 60 significant private equity transactions. Oak Hill Capital Partners is one of several separate Oak Hill
partnerships, each of which has a dedicated and independent management team. These Oak Hill partnerships
comprise more than $25 billion of investment capital across multiple asset classes, including private equity, special
situations, high yield and bank debt, venture capital, real assets, public equity and hedge funds. In addition to Cargo
360, the Oak Hill partnerships’ current aerospace investments include (i) Primus International, Inc., a leading global
Tier II supplier of structural components, kits and assemblies, (ii) OH Aircraft Acquisition, LLC, a newly-formed
aircraft leasing company that has executed a definitive agreement with The Boeing Company to acquire six Boeing
777 freighter aircraft, and (iii) a portfolio of aircraft on lease to airlines around the world.
entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robert M.
Bass is a lead investor. During a period of over 20 years, the professionals at Oak Hill Capital Partners have invested
in more than 60 significant private equity transactions. Oak Hill Capital Partners is one of several separate Oak Hill
partnerships, each of which has a dedicated and independent management team. These Oak Hill partnerships
comprise more than $25 billion of investment capital across multiple asset classes, including private equity, special
situations, high yield and bank debt, venture capital, real assets, public equity and hedge funds. In addition to Cargo
360, the Oak Hill partnerships’ current aerospace investments include (i) Primus International, Inc., a leading global
Tier II supplier of structural components, kits and assemblies, (ii) OH Aircraft Acquisition, LLC, a newly-formed
aircraft leasing company that has executed a definitive agreement with The Boeing Company to acquire six Boeing
777 freighter aircraft, and (iii) a portfolio of aircraft on lease to airlines around the world.
Contact for Oak Hill Capital:
Mike Pascale / Rhonda Barnat, Abernathy MacGregor at (212) 371-5999
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