Delta, Certares and Knighthead Provide $500M Recapitalization Facility to Wheels Up

Certares and Knighthead Invest €300 Million in Avia Solutions Group

December 16, 2021

Aerospace & Defense

Avia Solutions Group has entered a strategic partnership with Certares Management LLC, with additional investment from Knighthead Capital Management, providing a €300 million investment. The capital will be used for strategic acquisitions, capital expenditures and general corporate purposes, and Certares will join the group's Board to support global expansion and capability growth.

Global Blue Receives $225M Growth Investment from Certares and Knighthead

May 6, 2022

Payments & Fintech

Global Blue Group Holding AG agreed to a $225 million strategic growth equity investment from CK Opportunities (co-managed by Certares and Knighthead). The capital — $180 million in Series B preferred and $45 million in common stock — will give the investor just over 13% on a fully diluted basis and will be used to fund working capital and pursue strategic add-on acquisitions in omnichannel retail technology.

Wheels Up Acquires Air Partner plc

April 1, 2022

Transportation

Wheels Up Experience Inc. has completed its all-cash acquisition of U.K.-based Air Partner plc for 125 pence per share, valuing the business at approximately $109 million. The deal expands Wheels Up's international footprint and adds group charter, freight, and aviation safety & security services to its product portfolio; Air Partner will continue to operate from its Gatwick headquarters and retain its leadership team.

Wheels Up Acquires Gama Aviation LLC (Gama Aviation Signature)

March 2, 2020

Transportation

Wheels Up completed the acquisition of Gama Aviation LLC (d/b/a Gama Aviation Signature) on March 2, 2020, bringing Gama’s aircraft management and private charter operations into Wheels Up’s owned and managed fleet. The deal integrates Gama’s Part 135 operator capabilities and personnel to expand Wheels Up’s aircraft management, charter offerings and overall operational footprint while retaining Gama operations in Shelton, Connecticut.

Carousel Capital Recapitalizes Armstrong Transport Group

June 18, 2019

Logistics & Distribution

Carousel Capital has partnered with Armstrong Transport Group management to recapitalize the Charlotte-based freight brokerage, providing equity from Carousel Capital Partners V and senior debt from Barings. Armstrong, a technology-enabled, non-asset based logistics platform that facilitates nearly $500 million in annual transportation spend for over 4,000 customers, will use the investment to accelerate growth and expand its technology and service offerings.

Antares- and KKR-led Lender Funds Recapitalize 48forty Solutions

January 15, 2026

Logistics & Distribution

48forty Solutions completed a financial restructuring that reduces its debt by over 80% and injects $75 million of new capital. Investment funds and accounts managed by the company's lenders — including Antares and KKR — will become majority equity holders; the deal coincides with CEO Mike Hachtman's retirement and the appointment of Dave Russell as Interim CEO.