Black Diamond Capital Management has stated that a number of its affiliates have purchased certain assets and operational subsidiaries from IAP Worldwide Services, (“IAP”), a provider of global logistics, infrastructure, IT, communications, power, and air traffic management solutions.
In the upcoming weeks, Black Diamond’s affiliates will introduce a new brand for these businesses.
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Furthermore, the former CEO of IAP, Amanda Brownfield, has assumed the role of CEO of the newly established firm.
Steve Deckoff, Black Diamond’s managing principal commented: “We are incredibly excited to have completed this transaction and we look forward to supporting the growth of a business that has provided critical services to the US government and its partners for over fifty years. The acquired operations will be part of a new platform that will have over 1,400 employees, operate in seventeen countries, and be a market leader in the contingency operations and the global logistics support space.”
Brownfield added: “Black Diamond’s expertise, resources and commitment to growing a new, market-leading company are unrivalled. I expect that we will be successful partners as we embark on this journey, especially as we expand our business in the Pacific and European theatres and our offerings in engineering and technology solutions.”
Boasting more than $10bn in assets across four main platforms, Black Diamond Capital Management, L.L.C. (collectively with its affiliates, “Black Diamond”) is a preeminent alternative investment firm.
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By GlobalDataThese platforms include control distressed and special situations private equity funds, hedge funds, non-control stressed and distressed closed-ended funds, and collateralised loan obligations and structured products.
People moves
JTC, a service provider listed on the London Stock Exchange, hired Tom McGinness to group director in the private office division.
McGinness will be concentrating on family governance, succession planning, and sustainability in his new position at JTC Private Office.
