Atlas Air announces acquisition by investor group

An Atlas Air Boeing freighter in flight.
Photo Credit: Joris Wendt/AviationSource

Atlas Air Worldwide has announced its acquisition by the investor group led by Apollo (NYSE: APO), together with investment affiliates of J.F. Lehman & Company and Hill City Capital.

Continuation of operations

The Company will continue to continue to operate globally under the Atlas Air Worldwide name and will still be led by President and Chief Executive Officer John Dietrich and the Company’s current executive leadership team.

“Today marks the start of an exciting new chapter for Atlas, and we are eager to begin our partnership with Apollo, J.F. Lehman and Hill City,” Mr. Dietrich said.

“With the support and resources of our investor partners, we are well-positioned to achieve our growth objectives while continuing to serve the increasingly complex global supply chain.”

“ I want to thank the entire Atlas team, whose customer focus and dedication made this milestone possible. I look forward to the opportunities this next phase provides for our Company and our employees.”

Speaking on behalf of the investor group, Apollo Partners Antoine Munfakh and Jason Scheir, J.F. Lehman Partner Alex Harman and Hill City Capital Chief Investment Officer Chip Frazier jointly stated:

“We are thrilled to partner with the talented Atlas team and build on the Company’s strong foundation as a leader in the airfreight industry.”

“We have long admired Atlas’ reputation of providing high-quality service to its customers, as well as the financial and operational excellence the team has established.”

“Atlas is poised for continued growth and expansion as it capitalizes on the long-term demand for global air cargo services.”


The acquisition transaction was initially announced on August 4, 2022, and the investor group has acquired all of the outstanding shares of Atlas Air Worldwide stock.

As a result of the transaction completion, Atlas Air Worldwide’s common stock no longer trades on the NASDAQ stock exchange.

About Atlas Air Worldwide

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services.

It is the parent company of Atlas Air, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc.

The companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.


Apollo is a high-growth, global alternative asset manager. As of December 31, 2022, Apollo had approximately $548 billion of assets under management.

J.F. Lehman & Company

J.F. Lehman & Company is a private equity investment firm focused on the aerospace, defense, maritime and environmental sectors.  

Headquartered in New York, NY, the firm currently has approximately $4 billion of assets under management as of December 31, 2022.

Hill City Capital

Hill City Capital is an investment firm led by Chief Investment Officer Chip Frazier.  The company was founded in 2019, with its principal place of business being Boston, MA.

By Len Varley - Assistant Editor 4 Min Read
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