Audax and Greenbriar Exit Alliance Ground International to Lone Star
Event summary
- Audax Private Equity and Greenbriar Equity Group completed the sale of Alliance Ground International (AGI) to Lone Star Funds on March 26, 2026.
- AGI, a North American airport services provider, operates across 60+ airports with 12,000 employees as of March 2026.
- Audax and Greenbriar co-invested in AGI in June 2021, executing a growth strategy including four acquisitions and operational expansions.
- AGI provides air-cargo, ramp handling, small parcel services, security, and passenger terminal services.
The big picture
The sale of AGI to Lone Star marks a strategic exit for Audax and Greenbriar, highlighting the continued interest in airport services as critical infrastructure for global trade. With $19.5 billion in AUM as of January 2026, Audax's exit underscores the value of its Buy & Build strategy in the middle market. The transaction also reflects the broader trend of private equity firms targeting scalable, mission-critical services in the aviation sector.
What we're watching
- Execution Risk
- Whether Lone Star can sustain AGI's growth trajectory amid evolving airport logistics demands.
- Industry Consolidation
- The pace at which further consolidation occurs in the North American airport services sector.
- Operational Scaling
- How AGI integrates its recent acquisitions to enhance service offerings and operational efficiency.