Key Takeaways
- • Audax Private Equity and Greenbriar Equity Group completed the sale of Alliance Ground International (AGI), a North American airport services provider, to Lone Star Funds, according to a Business Wire announcement dated March 26, 2026.
- • Financial terms of the transaction were not disclosed.
- • AGI, headquartered in Miami, employs more than 12,000 professionals and operates at over 60 airports in the United States and Canada.
- • Audax and Greenbriar co-invested in AGI in June 2021 and completed four acquisitions during their hold period, expanding AGI's geographic footprint and service offering.
- • BofA Securities advised the sellers and Ropes & Gray provided legal counsel; Evercore advised Lone Star Funds and Vinson & Elkins provided legal counsel.
Summary
Audax Private Equity and Greenbriar Equity Group announced they have 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 were not disclosed.
AGI, based in Miami, provides outsourced services that support the movement of cargo and passenger aircraft through major airport hubs. Its offerings include air-cargo and ramp handling, small parcel services, security, passenger terminal services, mail handling and hospitality services. According to the company, AGI operates at more than 60 airports across North America and had a workforce of over 12,000 as of March 2026.
Audax and Greenbriar co-invested in AGI in June 2021. During their ownership, AGI pursued a growth and value-creation strategy that included investments in its leadership team, technology stack, operational infrastructure and warehouse capacity. The company completed four acquisitions that significantly expanded its geographic footprint and service offering, which the sellers said helped position AGI as an acquirer of choice in the industry.
AGI Chief Executive Officer Jared Azcuy said Audax and Greenbriar "contributed more than just capital" and brought industry experience, resources and a collaborative approach that helped the company meet its financial and operational goals. David Wong, Partner at Audax Private Equity, cited "strong top- and bottom-line growth" during the partnership. Noah Roy, Managing Partner at Greenbriar, said the company is well positioned to build on its recent momentum.
BofA Securities served as lead advisor to the sellers, with Ropes & Gray as legal counsel. Evercore was financial advisor to Lone Star Funds, with Vinson & Elkins as legal counsel. Audax Private Equity reported approximately $19.5 billion of assets under management as of January 2026, and Greenbriar has more than $15 billion of cumulative capital commitments.
AGI, based in Miami, provides outsourced services that support the movement of cargo and passenger aircraft through major airport hubs. Its offerings include air-cargo and ramp handling, small parcel services, security, passenger terminal services, mail handling and hospitality services. According to the company, AGI operates at more than 60 airports across North America and had a workforce of over 12,000 as of March 2026.
Audax and Greenbriar co-invested in AGI in June 2021. During their ownership, AGI pursued a growth and value-creation strategy that included investments in its leadership team, technology stack, operational infrastructure and warehouse capacity. The company completed four acquisitions that significantly expanded its geographic footprint and service offering, which the sellers said helped position AGI as an acquirer of choice in the industry.
AGI Chief Executive Officer Jared Azcuy said Audax and Greenbriar "contributed more than just capital" and brought industry experience, resources and a collaborative approach that helped the company meet its financial and operational goals. David Wong, Partner at Audax Private Equity, cited "strong top- and bottom-line growth" during the partnership. Noah Roy, Managing Partner at Greenbriar, said the company is well positioned to build on its recent momentum.
BofA Securities served as lead advisor to the sellers, with Ropes & Gray as legal counsel. Evercore was financial advisor to Lone Star Funds, with Vinson & Elkins as legal counsel. Audax Private Equity reported approximately $19.5 billion of assets under management as of January 2026, and Greenbriar has more than $15 billion of cumulative capital commitments.
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