Air Transport Services Group

Air Transport Services Group, commonly known as ATSG, is a U.S. aviation holding company focused on outsourced air transportation and aviation infrastructure rather than conventional scheduled passenger travel. Based in Wilmington, Ohio, the group serves domestic and international air carriers, logistics companies, express-delivery networks, government customers, and other organizations that require aircraft capacity or aviation support without operating every part of the service themselves. ATSG’s business model combines several related activities. Its airline subsidiaries operate dedicated cargo aircraft, passenger aircraft under ACMI arrangements, and charter services. Its leasing division, Cargo Aircraft Management, owns and leases aircraft and engines, with a particularly important position in converted Boeing 767 freighters. Its maintenance and engineering businesses provide maintenance, repair, overhaul, aircraft modification, and passenger-to-freighter conversion work. Other subsidiaries supply airport ground handling, logistics, material-handling, training, and related operational services. This structure allows customers to obtain aircraft, crews, maintenance, and operational support from businesses within the same corporate group. The company’s cargo platform has been closely associated with the growth of express delivery and e-commerce. In 2016, ATSG agreed to support an Amazon air-cargo network by leasing Boeing 767 freighters, operating them through Air Transport International, and supplying gateway and logistics services through LGSTX Services. Amazon later exercised warrants connected with that arrangement and became a substantial ATSG shareholder before the company was acquired by Stonepeak. ATSG also expanded its customer base through arrangements with DHL Express and other air-freight users. ATSG’s principal airline subsidiaries include ABX Air and Air Transport International for cargo operations, and Omni Air International for passenger ACMI and charter flying. Omni has served commercial customers, the U.S. Department of Defense, and allied government-related operations, including through the Civil Reserve Air Fleet program. The group’s technical businesses include Airborne Maintenance & Engineering Services and PEMCO Conversions, which has performed Boeing 737 and Airbus A321 passenger-to-freighter conversion work. The company was created in its current holding-company lineage when ABX Air acquired Cargo Holdings International in December 2007 and adopted the Air Transport Services Group name in May 2008. It subsequently expanded through investments, acquisitions, customer agreements, and joint ventures. In 2018 it agreed to acquire Omni Air International, broadening its activities beyond cargo into passenger airlift and charter services. In 2021 ATSG and GA Telesis formed a joint venture for U.S. engine services, later developing a specialized engine facility at Wilmington Air Park. ATSG became a publicly traded company under the Nasdaq ticker ATSG, but its public-company period ended when Stonepeak acquired the business. The acquisition was announced in November 2024 and completed in April 2025. ATSG remains an active aviation-services group, with its operations spanning air cargo lift, aircraft and engine leasing, passenger ACMI and charter, aircraft maintenance and conversion, airport services, and related aviation logistics.

Air Transport Services Group traces its aviation-services history to 1980 and developed around the outsourced air-cargo market. Rather than building a conventional passenger route network, the group concentrated on providing aircraft, crews, maintenance, and related services to airlines, express carriers, logistics companies, government users, and other organizations needing dedicated or supplemental lift. A major step in its modern corporate structure occurred on December 31, 2007, when ABX Air acquired Cargo Holdings International and created ABX Holdings. On May 16, 2008, the holding company adopted the name Air Transport Services Group. The resulting group brought together cargo-airline operations and aviation-asset businesses, creating a platform that could both operate freighters and lease aircraft to customers. ATSG expanded internationally in 2013 by agreeing to acquire a 25% interest in West Atlantic of Gothenburg, Sweden. That investment was later disposed of when West Atlantic was acquired by Lusat Air in June 2019. The group’s most consequential commercial expansion came in March 2016, when it agreed to support Amazon’s U.S. air network. Cargo Aircraft Management was to lease 20 Boeing 767 freighters, Air Transport International was to operate them, and LGSTX Services was to provide gateway and logistics services. The arrangement was later expanded, with additional aircraft and extensions announced in 2018. Amazon subsequently exercised warrants and acquired 19.5% of ATSG common shares in May 2021, including a reported cash equity investment of $132 million. The company broadened its technical platform in January 2017 by acquiring PEMCO World Air Services. The transaction added aircraft maintenance and engineering resources as well as Boeing 737 passenger-to-freighter conversion capabilities. In October 2018, ATSG agreed to acquire Omni Air International, a Tulsa-based passenger ACMI and charter airline. Omni brought experience in worldwide passenger charter, commercial ACMI, and government airlift, including service connected with the U.S. Department of Defense and the Civil Reserve Air Fleet. ATSG also developed relationships beyond Amazon. In June 2020, one of its Boeing 767-300 converted freighters entered service supporting the DHL Express network in Asia under a standalone ACMI agreement. In 2021, ATSG and GA Telesis announced a joint venture to establish a U.S. engine-services facility. Wilmington Air Park was later selected for the facility, known as a Special Procedures Aeroengine Hospital. The site received U.S. Federal Aviation Administration certification in 2023 and European Union Aviation Safety Agency certification in 2024, initially supporting engines manufactured by GE Aerospace and CFM International. Leadership changed in 2020 when Joe Hete retired as chief executive after four decades with ATSG and related subsidiaries. He became chairman, while Rich Corrado became president and chief executive officer on May 7, 2020. The company continued operating as a Nasdaq-listed corporation under ATSG until Stonepeak agreed to acquire it in November 2024. The transaction closed in April 2025, moving ATSG into private ownership. Its operating identity remains centered on cargo airlines, freighter leasing, maintenance and conversion, passenger ACMI and charter, and aviation support services.

1. 2025Stonepeak acquisition completed

   Stonepeak completed its acquisition of ATSG, taking the company private.

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2. 2024Engine facility receives EASA certification

   The Wilmington facility later received European Union Aviation Safety Agency certification.

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3. 2023Wilmington engine facility receives FAA certification

   The Wilmington Special Procedures Aeroengine Hospital received certification from the U.S. Federal Aviation Administration.

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4. 2021Amazon exercises ATSG warrants

   Amazon exercised warrants and acquired 19.5% of ATSG’s common shares.

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5. 2021Engine-services joint venture announced

   ATSG and GA Telesis announced a joint venture to establish a U.S. engine-services facility.

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6. 2020Leadership transition

   Joe Hete retired as CEO and Rich Corrado became president and CEO on May 7.

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7. 2019West Atlantic interest ends

   ATSG ceased to hold an equity interest in West Atlantic after its acquisition by Lusat Air.

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8. 2018Omni Air International acquisition agreed

   ATSG agreed to acquire the passenger ACMI and charter airline Omni Air International.

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9. 2017PEMCO World Air Services acquired

   The acquisition expanded ATSG’s maintenance, repair, overhaul, and passenger-to-freighter conversion capabilities.

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10. 2016Amazon air-network agreement

    ATSG agreed to lease and operate 20 Boeing 767 freighters for Amazon’s U.S. air network and provide related logistics support.

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11. 2013West Atlantic investment announced

    ATSG announced an agreement to acquire a 25% equity interest in West Atlantic.

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12. 2008Air Transport Services Group name adopted

    ABX Holdings changed its name to Air Transport Services Group on May 16.

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13. 2007ABX Holdings is created

    ABX Air acquired Cargo Holdings International, creating ABX Holdings on December 31.

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14. 1980Company founded

    ATSG traces its corporate and aviation-services history to 1980.

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An integrated aviation-services provider for cargo, logistics, government, airline, and aviation-asset customers.

• Air cargo transportationCargo airline services

  ATSG provides outsourced air-cargo lift through affiliated Part 121 airlines, primarily using dedicated freighter aircraft. The service supports express-delivery companies, logistics providers, e-commerce networks, commercial carriers, and other customers that require scheduled or supplemental cargo capacity. Operations are designed around customer networks and contracts rather than a consumer-facing passenger route system.

• Aircraft and engine leasingAviation asset leasing

  Cargo Aircraft Management owns and leases aircraft and engines to aviation customers. ATSG is particularly associated with converted Boeing 767 freighters, allowing operators to add medium wide-body cargo capacity without purchasing and converting aircraft themselves. Leasing is integrated with the group’s airline and maintenance capabilities.

• Passenger ACMI and charterPassenger aviation services

  Omni Air International provides passenger aircraft, crew, maintenance, and insurance under ACMI arrangements, as well as full-service charter flying. Its customer base includes commercial organizations, government-related users, and the U.S. Department of Defense through programs such as the Civil Reserve Air Fleet.

• Aircraft maintenance and engineeringAviation maintenance

  Airborne Maintenance & Engineering Services and related businesses provide maintenance, repair, overhaul, engineering, and technical support for aircraft and aviation operators. The capability supports ATSG’s internal fleet as well as external customers and helps extend the operating life of freighter assets.

• Passenger-to-freighter conversionsAircraft modification

  PEMCO Conversions, doing business as Pemco World Air Services, performs passenger-to-freighter conversion work, including programs for Boeing 737 aircraft and Airbus A321 aircraft. The business supports the broader market for dedicated freighters and complements ATSG’s aircraft-leasing portfolio.

• Airport and logistics supportAviation ground services

  LGSTX Services and related ATSG businesses provide airport support, gateway services, logistics, material-handling solutions, equipment, installation, and operational assistance. These services help customers manage the ground and infrastructure elements that accompany cargo-aircraft operations.

• 2024Agree to Stonepeak acquisitionM&A

  After operating as a public aviation-services company, ATSG agreed to a change in ownership through a transaction with infrastructure investment firm Stonepeak.

  What changed. ATSG announced an agreement to be acquired by Stonepeak in November 2024.

  Aftermath. The transaction closed in April 2025, ending ATSG’s public-company status.

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• 2021Establish a U.S. engine-services joint ventureStrategy

  ATSG sought additional technical-services capabilities and a U.S. location for specialized aircraft-engine work.

  What changed. ATSG and GA Telesis formed a joint venture to establish an engine-services facility, later selecting Wilmington Air Park for the Special Procedures Aeroengine Hospital.

  Aftermath. The facility received FAA certification in 2023 and EASA certification in 2024, initially servicing engines made by GE Aerospace and CFM International.

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• 2018Acquire Omni Air InternationalM&A

  ATSG wanted to broaden its aviation platform beyond cargo into passenger ACMI, charter, and government airlift services.

  What changed. ATSG agreed to acquire Omni Air International, a Part 121 and IATA Operational Safety Audit-registered passenger ACMI and charter airline.

  Aftermath. The transaction expanded ATSG’s customer and service base to include commercial passenger charter and government-related airlift.

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• 2017Acquire PEMCO World Air ServicesM&A

  ATSG sought to deepen its maintenance, engineering, and aircraft-conversion capabilities alongside its cargo airline and leasing businesses.

  What changed. ATSG acquired PEMCO World Air Services, a commercial aircraft maintenance, repair, and overhaul provider and passenger-to-freighter conversion business.

  Aftermath. The acquisition added conversion and technical capabilities for Boeing 737 and related freighter programs.

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• 2016Build an Amazon air-cargo networkStrategy

  Amazon needed dedicated U.S. air-cargo capacity for its growing delivery network, while ATSG had freighter aircraft, cargo airlines, and logistics businesses that could be combined into an integrated offering.

  What changed. ATSG agreed to lease 20 Boeing 767 freighters through Cargo Aircraft Management, operate them through Air Transport International, and provide gateway and logistics services through LGSTX Services. The arrangement also included warrants allowing Amazon to acquire ATSG shares.

  Aftermath. The relationship was expanded in 2018. In 2021, Amazon exercised warrants and acquired 19.5% of ATSG’s common shares.

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• 2025ATSG completes Stonepeak acquisition

  Stonepeak completed its acquisition of ATSG, ending the company’s status as a publicly traded Nasdaq issuer while retaining the operating aviation businesses.

  M&A
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• 2018ATSG agrees to acquire Omni Air International

  The proposed acquisition added passenger ACMI and charter operations, including business serving commercial and government customers.

  M&A
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• 2017ATSG acquires PEMCO World Air Services

  The company acquired Tampa-based PEMCO World Air Services, expanding its aircraft maintenance, repair, overhaul, and passenger-to-freighter conversion capabilities.

  M&A
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• 2016ATSG announces Amazon air-cargo network agreement

  ATSG agreed to lease 20 Boeing 767 freighters to Amazon, operate them through Air Transport International, and provide gateway and logistics support through LGSTX Services.

  M&A
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• 2013ATSG agrees to acquire a stake in West Atlantic

  ATSG announced an agreement to acquire a 25% equity interest in Swedish cargo airline group West Atlantic.

  M&A
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1. Air Transport Services Group
2. Air Transport Services Group corporate website