Group 1 - The previously high-performing stocks of Clear Secure and car-rental companies are experiencing declines as long wait times at airports are expected to diminish [1]

Core Viewpoint - Audax Private Equity and Greenbriar Equity Group have successfully sold Alliance Ground International (AGI) to Lone Star Funds after a period of significant growth and expansion [1][2]. Company Overview - Alliance Ground International is a leading North American airport services provider, employing over 12,000 professionals and operating at more than 60 airports across the U.S. and Canada [3][8]. - AGI offers essential outsourced services including air-cargo and ramp handling, small parcel services, security, and passenger terminal services, supporting critical supply chain infrastructure and global trade flows [3][8]. Investment and Growth Strategy - Audax and Greenbriar co-invested in AGI in June 2021, contributing not only capital but also industry expertise and resources to drive growth [4]. - During their partnership, AGI implemented a comprehensive growth strategy, enhancing its leadership team, technology, operational infrastructure, and warehouse capacity, which facilitated four acquisitions that expanded its geographic footprint and service offerings [4][6]. Financial Performance - The partnership between AGI, Audax, and Greenbriar resulted in strong top- and bottom-line growth, marking a successful outcome for AGI and its management team [2][5]. - The investment highlights the positive impact of a well-aligned management team and investors with deep domain expertise, contributing to AGI's growth trajectory [6]. Advisory and Legal Support - BofA Securities acted as the lead advisor to the sellers, while Evercore served as the financial advisor to Lone Star Funds, with legal counsel provided by Ropes & Gray and Vinson & Elkins [6].