Goldman Sachs Alternatives to Sell its Stake in AFCO, a Leading On-Airport Cargo Warehousing Company in the US
February 19, 2025 – The Infrastructure business at Goldman Sachs Alternatives (“Goldman Sachs”), is pleased to announce that it has signed an agreement to exit its stake in AFCO to Ardian (“Ardian”).
Under Goldman Sachs’ Alternatives ownership, AFCO has established itself as a leading on-airport cargo warehousing and related infrastructure company with a portfolio of on-airport and airport-adjacent cargo warehouse facilities primarily across a network of airports in the US.
Headquartered in Dulles, Virginia, AFCO’s business currently includes more than 3.5 million square feet of airport infrastructure, with 29 properties at 15 airport locations around the U.S. and U.K., including on-airport air cargo warehouses and aircraft apron, ground support equipment maintenance and concession logistics facilities, aircraft maintenance hangars, along with a robust pipeline of new development and acquisition opportunities at key airports.
Since Infrastructure at Goldman Sachs Alternatives acquired the business in 2018, AFCO has scaled its business and has successfully executed on a number of value creation opportunities across revenue growth, leasing operations, capital structure efficiency, and accretive add-on investments.
Teresa Mattamouros, Managing Director in Infrastructure at Goldman Sachs Alternatives, said “We are delighted to have partnered with AFCO since 2018 to support the company as it accelerated its growth and strengthened its position as a leader in on-airport cargo warehousing in North America, demonstrating resilient infrastructure characteristics as the market environment evolved. Our investment in AFCO, sourced on a bilateral, proprietary basis, represents the unique access to compelling infrastructure opportunities provided by our One Goldman Sachs franchise. We wish the management team and Ardian success on the next phase of their journey.”
Chuck Stipantic, CEO of AFCO, said, “We appreciate the supportive partnership we have had with Goldman Sachs Alternatives over the past seven years. We have instituted a number of value creation initiatives, including an innovative financing structure that has allowed us to invest in existing facilities and strategically expand our portfolio through new acquisitions and developments and create cost-effective solutions for our airport and tenant partners. As we look ahead, we are excited about our new relationship with Ardian and look forward to drawing on the team’s expertise as a global player and international leader in essential infrastructure, including transportation and aviation, as we continue to grow our company.”
The closing of the transaction is subject to customary closing conditions.
DC Advisory served as a financial advisor and Gibson Dunn served as legal counsel to Ardian. RBC Capital Markets, LLC and Eastdil Secured, LLC served as financial advisors and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Goldman Sachs Alternatives.
About Infrastructure at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $3.1 trillion in assets under supervision globally as of December 31, 2024.
Established in 2006, Infrastructure at Goldman Sachs Alternatives has invested $16 billion across 40 portfolio companies since its inception. The business has a long track record of investing across the key sectors of infrastructure, including energy transition, digital infrastructure, transportation & logistics and circular economy.
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