Cargo 360 just bought Southern Air

[On Your Six]

The Neff's are looking to get out. Oak Hill is looking to expand their aviation foot print. It is not easy to merge two different operations it will be months if not years to bring the two together when the deal happens. Training, dispatch, Ops Specs, crew scheduling, The five mandated positions by the FAA, and more and more. Ask Atlas/polar, us airways/AM west, American eagle, Mesa, the list goes on.

You can only hope it is not that bad... What a mess...

 

[27 driver]

I am not totally sure but an email from one of the long time SAI members today said that SAI was looking for investors, however the Neff's would still remain the majority share holder. I can't confirm or deny this info. If it does happen, I hope SAI gets Longhaul's schedule. If it does happen, lets not fight amongst the pilot group. Good luck to all.

 

[Rookiy]

If this might happen, we should start discussing real issues directly. I've some one in mind who would be an excellent longhaul embassador. SA pilots, any thoughts?

 

[27 driver]

If this might happen, we should start discussing real issues directly. I've some one in mind who would be an excellent longhaul embassador. SA pilots, any thoughts?

I agree that the pilot groups should stick together, but it may be a little bit premature for any merger talks right now. We just can't let management play us against each other if it does happen.

 

[unwashed]

If past history repeats its self Oak Hill will only go into this as the major owner with veto on most if not all issues.

 

[Cargoav8or]

it is what I just heard from one our engineers in ground school. I actually heard the voice mail.

true or not.....?

Guam, what else do you know? Congrats.

Oak Hill Capital Partners to Acquire Southern Air
Thursday July 26, 5:15 pm ET Southern Air to be Combined with Cargo 360 to Create a Leading Global Air Cargo Company

NEW YORK, July 26 /PRNewswire/ -- 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.[SIZE=-2]ADVERTISEMENT[/SIZE]
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.

 

[pilotbrain]

Here I go to the bottom of SAI LIST. PISS!

 

[Cargoav8or]

Here I go to the bottom of SAI LIST. PISS!

Yes, but there is a future, and somehow I doubt you would be there long. People will still tire of the skeds and until the money comes up people will continue to leave. You'll probably be a 74 capt in no time.

 

[propsarebest]

So is C360 gonna move from Seattle??

Man, I hope not.

 

[pilotbrain]

Anyone know which company pays more? dose SAI have a union? who has the better QOL?