Amerijet bought out by N.Y.-based private equity firm

ZS Fund LP, a New York-based private equity firm, has acquired Amerijet Holdings and its subsidiaries – Amerijet International, Inc., and ITN Worldwide. In conjunction with the acquisition, Amerijet CEO Dave Bassett is retiring and Vic Karjian, former chairman of Swiss carrier Farnair and co-founder and CEO of Falcon Aviation Group, is coming on board.

ZS Fund is an affiliate of H.I.G. Capital, which already has an established relationship with the carrier. “H.I.G. has been an ideal partner over the past 15 years,” said Bassett, who founded Amerijet 42 years ago. “They have supported Amerijet through numerous strategic initiatives since investing in the company in 2001, enabling Amerijet to access new markets [and] expand capacity.”

Bassett has run the carrier for more than 40 years, making him an institution in the air cargo business. Incoming president and CEO Vic Karjian indicated that his team is counting on Basset’s legacy going forward and that ZS Fund would play an important role in growing and diversifying service offerings.

“With the same strong management team and employees in place, we intend to continue to provide the professional service and highly reliable operations that Amerijet’s customers have come to expect,” Karjian said. “We also want to express our gratitude to Dave Bassett for his exemplary leadership since founding Amerijet 42 years ago. Dave has worked tirelessly to build the company into what it is today.”