Air Transport Services Group (ATSG) has officially become a privately held company following its acquisition by Stonepeak, an investment firm focused on infrastructure and real assets.
The deal is valued at approximately $3.1 billion in an all-cash transaction. ATSG, a major player in freighter aircraft leasing and air cargo operations, views this move as a strategic step forward. CEO Mike Berger described the acquisition as a significant point in the company’s development, noting that private ownership under Stonepeak will enable ATSG to build on its strengths and pursue long-term growth more effectively.
James Wyper, a senior managing director at Stonepeak, highlighted ATSG’s established global presence, strong relationships with clients, and skilled workforce. He emphasized Stonepeak’s commitment to supporting ATSG through its next phase of expansion and innovation.
ATSG
ATSG operates a fleet that includes Boeing 767, Airbus A321, and A330 converted freighters. Through its Lease+Plus program, the company combines leasing with operational support services, drawing on its network of subsidiaries. These include cargo carriers like ABX Air, Air Transport International, and Omni Air International, as well as Cargo Aircraft Management (CAM), which acquires and leases converted freighters to major clients such as Amazon and DHL.
In March 2025, ATSG announced it would soon receive the first of 29 Airbus A330-300 passenger-to-freighter (P2F) conversions, supplied by Elbe Flugzeugwerke (EFW)—a partnership between ST Engineering and Airbus. These aircraft will be added to CAM’s leasing portfolio, further expanding the group’s cargo capacity.
With the backing of Stonepeak, ATSG is positioned to strengthen its role in global air logistics, expand its converted freighter fleet, and continue delivering comprehensive solutions across the air cargo value chain.