Exit to Lone Star comes after period of transformational growth and expansion

Audax Private Equity (“Audax”) and Greenbriar Equity Group (“Greenbriar”) announced today they completed the sale of Alliance Ground International (“AGI”), a leading North American airport services provider, to Lone Star Funds (“Lone Star”). The terms of the transaction are not disclosed.

Based in Miami, with a workforce of over 12,000 professionals as of March 2026, AGI provides mission-critical outsourced services that enable the efficient movement of cargo and passenger aircraft through major airport hubs. AGI provides air-cargo and ramp handling, small parcel services, security, and passenger terminal services to the aviation industry. AGI operates across more than 60 airports in North America to support critical supply chain infrastructure and global trade flows.

“Audax and Greenbriar contributed more than just capital to their investment in AGI,” said AGI Chief Executive Officer Jared Azcuy. “They brought deep industry experience, a breadth of resources to pursue our vision for growth, and a collaborative approach that enabled us to achieve the financial and operational goals we established at the onset of our partnership.”

Audax and Greenbriar co-invested in AGI in June 2021. Over this time, AGI executed on a comprehensive growth and value-creation strategy, including investments in the company’s leadership team, technology stack, operational infrastructure and warehouse capacity. This helped position AGI as an acquirer of choice in the industry, completing four acquisitions that significantly expanded the company’s geographic footprint and service offering.

“We want to thank the AGI team and Greenbriar for what we consider to be a very successful partnership, marked by strong top- and bottom-line growth, and a tremendous outcome for AGI, the management team, and our investors,” noted David Wong, Partner at Audax Private Equity.

“We think this investment demonstrates the positive impact of a management team aligned to drive growth, investors with deep domain expertise, and a collective commitment to investing in operations and talent to drive accelerated growth,” added Noah Roy, Greenbriar Managing Partner. “We believe AGI is well positioned to build on its recent momentum and we look forward to watching the company continue on its growth trajectory as AGI embarks on its next chapter.”

BofA Securities served as lead advisor to the sellers and Ropes & Gray provided legal counsel, while Evercore served as financial advisor to Lone Star Funds and Vinson & Elkins provided legal counsel.

ALLIANCE GROUND INTERNATIONAL:

Alliance Ground International is one of the fastest-growing U.S.-owned aviation handling companies in North America, providing cargo, ground, mail handling, security, and hospitality services. Headquartered in Miami, AGI employs more than 12,000 team members and operates at over 60 airports in the United States and Canada.

AUDAX PRIVATE EQUITY:

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity is a leading private equity platform focused on investing across the North American middle market. Our objective is to accelerate value creation through our Buy & Build strategy and the Audax Value Agenda™, a holistic framework that seeks to create, enable, and protect value across every stage of the investment lifecycle. As of January 2026, Audax Private Equity had approximately $19.5 billion of assets under management and, since inception in 1999, has invested in more than 180 platforms and more than 1,400 add-on acquisitions. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

GREENBRIAR EQUITY GROUP:

Greenbriar is a private equity firm with over 25 years of experience investing in market-leading services and manufacturing businesses. With more than $15 billion of cumulative capital commitments, its investment strategy targets businesses led by experienced management teams capitalizing on strong long-term growth prospects that can benefit from Greenbriar’s deep sectoral expertise, strategic insight, and operating capabilities. For more information, please visit www.greenbriar.com.

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We want to thank the AGI team and Greenbriar for what we consider to be a very successful partnership, marked by strong top- and bottom-line growth, and a tremendous outcome for AGI, the management team, and our investors.