ECS Group has sold Cargo Services to ICV

Lincoln International, a global mid-market investment bank, has announced the sale of Cargo Services, Inc. (“CSI” or the “Company”). The Company’s shareholders include Robert E. Booth, President, and European Cargo Services, a portfolio company of Chequers Capital, a France-based private equity firm. European Cargo Services is one of the world’s leading general sales agencies (GSA), with 52 offices and presence in 30 countries. The Company was sold to ICV Partners (“ICV”), a private investment firm focused on investments in smaller middle market companies. Lincoln International acted as the exclusive financial advisor to the shareholders of CSI. Terms of the transaction were not disclosed.

Founded in 1989 and headquartered in Miami, Florida, CSI is a leading provider of integrated, outsourced ground handling, specialized perishable cargo handling and other critical services to the airline cargo industry. The Company operates from airport-based facilities at Miami International Airport and Ft. Lauderdale-Hollywood International Airport, providing comprehensive coverage of the South Florida air cargo market, a critical transit point for Latin American air cargo. The Latin American air cargo market is among the fastest growing segments of the overall industry, significantly outpacing global economic growth through 2025. The Company offers a crucial point of outsourced leverage and delivers a comprehensive suite of ground and sales services that enables clients to achieve more flexible operations, improved efficiency and increased network scale. This is ICV’s second investment in the cargo handling industry.

Lincoln International worked closely with CSI’s shareholders to evaluate the strategic rationale for a transaction, coordinate the due diligence process and assist with the negotiation of the purchase agreement in an expedited timeframe.

About ICV Partners

Founded in 1998, ICV Partners is a leading private investment firm that supports management leaders of strong companies at the lower end of the middle market. With over $440 million in capital under management, the principals of ICV have crafted a strong track record of helping companies improve performance over the long term, investing more than $285 million in 23 companies across a variety of industries. ICV seeks to make control investments in market leading businesses with $25 million to $250 million in revenue.

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