FORT WORTH, Texas, Aug. 16 /PRNewswire/ -- Worldwide Flight Services, one
of the world's largest providers of ground services to the aviation industry,
announced today the purchase of Miami Aircraft Support, Inc. (MAS), of Miami,
Florida, in a transaction valued at $66.4 million.  The acquisition will raise
Worldwide's expected revenues this year to more than $300 million.
    Worldwide Flight Services, formerly AMR Services, will now have nearly
10,000 employees at 82 airports around the world.  The company was acquired in
March by a private equity investment fund organized and managed by Castle
Harlan, Inc., the New York merchant bank.  The seller was AMR Corp., parent of
American Airlines (NYSE: AMR).
    Miami Aircraft Support provides ground services at 31 airports, including
19 where Worldwide Flight Services is not currently represented.  Worldwide
also noted that most of Miami Aircraft's ground services are provided to major
air cargo express carriers such as Emery, United Parcel Service, DHL and BAX
Global, which deliver time-sensitive packages and other cargo.
    Peter Pappas, the chief executive officer of WFS, said the purchase of
Miami Aircraft Support represents "an important first step in our disciplined
strategy of expansion through internal growth and selected acquisitions and
exemplifies the strong backing we are receiving from Castle Harlan.
    "Miami Aircraft Support is a perfect fit with Worldwide Flight Services,"
Pappas said, "in terms of locations and lines of business.  In addition, MAS's
emphasis on providing the best in customer service is right in line with
Worldwide's quality-focused culture."
    Marcel Fournier, a managing director at Castle Harlan, negotiated the MAS
transaction, as well as the acquisition last March of Worldwide Flight
Services from AMR Corp.  He said the latest acquisition "brings 19 new
airports to Worldwide's extensive network and many new customers who we expect
will expand their levels of activity with Worldwide in the United States and
Europe.  It gives Worldwide a very well managed company with a solid culture
and management."
    He added that the acquisition would increase Worldwide Flight Service's
revenues by approximately 25 percent.  Worldwide had revenues last year of
about $230 million, while MAS's 1998 revenues amounted to about $56 million.
    About 70 percent of MAS's revenues came from services to air cargo express
delivery companies, Fournier said.  These services include cargo loading,
unloading and storage.
    For passenger airlines, he said, MAS provides many of the same passenger
and ramp services that Worldwide Flight Services provides, including baggage
handling, cabin cleaning and passenger check-in and boarding.
    With the acquisition of MAS, Fournier said, Worldwide will enhance its
position as one of the world's leading independent providers of ground
services to air cargo and passenger airlines.  Worldwide will now provide
services for more than 300 customers at 82 airports around the world,
including 24 of the 30 busiest U.S. airports and five of the 10 busiest
European airports.  Worldwide will have close to 10,000 employees.
    The principal seller of Miami Aircraft Support is Anthony Romeo, who
founded the company in 1981.  He will continue to be active in the company.
    The investment fund that acquired Worldwide Flight Services in March is
Castle Harlan Partners III, one of three investment funds totaling more than
$1 billion that have been organized by Castle Harlan, Inc., and that represent
major corporate and public pension funds, college endowments, foundations and
individual investors.  Since its founding in 1987, the firm has completed
acquisitions exceeding $3.5 billion.
    Castle Harlan's portfolio companies have included Delaware Management
Company, the Philadelphia-based money-management firm with more than
$32 billion in assets under management; Truck Components, Inc., the largest
manufacturer of components for large-truck braking systems; Smarte Carte, the
world's largest airport luggage cart rental company, and MAG Aerospace, the
leader in worldwide manufacture of aircraft sanitation systems.
    Currently among its portfolio companies are Universal Compression, Inc., a
leading independent provider of natural gas compression equipment and
services; Commemorative Brands, Inc., one of the leading manufacturers of
class rings and other specialty jewelry under the ArtCarved and Balfour brand
names, and the Verdugt B. V. group of acid salts businesses, based in the
Netherlands.  Verdugt was acquired from BP Amoco in April.
    Castle Harlan was founded by John K. Castle, a pioneer in
institutionalizing private equity investing through limited partnerships and
the former president and chief executive officer of Donaldson, Lufkin &
Jenrette, the investment banking firm, and by Leonard M. Harlan, founder and
former owner and chairman of The Harlan Company, a diversified real estate and
corporate finance advisory firm.

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