Charterhouse’s Towne Air completes third bolt-on

The US private equity firm’s air freight business has acquired Texan operator Texas Land and Air.

Towne Air Freight, a portfolio company of New York-based private equity firm Charterhouse Group, has acquired Texas Land and Air, a Dallas, Texas-based air freight carrier.

This is Towne Air’s third bolt-on acquisition since it was bought by Charterhouse in November 2005. The company acquired freight brokerage operator Complete Transport in February 2007 and added Synergy Cargo Logistics, a Carson, California-based air freight business, in February 2008.

Financial details of the latest acquisition were not disclosed. According to Towne Air’s website, the new subsidiary employs 100 staff and achieved almost $15 million of sales in 2008.

Towne Air is now the largest privately owned provider of cargo logistics solutions in the US, Robert Haisch, vice president at Charterhouse, told PEO in an interview. Following the three acquisitions, the business is now “pretty close to a national operator”, he said, adding that the firm would continue to be on watch for additional acquisitions “that make sense”.

The investment was made from  Charterhouse Equity Partners IV, a $320 million vehicle closed in 2003.

Kieran Murdoch contributed to this report.