Two investment companies have purchased a majority stake in Media’s Pilot Freight Services, which will give the air cargo and package carrier the chance to implement its service and growth objectives, according to a staff report from Transport Topics.

While the company has not disclosed the exact terms, the majority stake was acquired by private equity firm ATL Partners and Canada’s British Columbia Investment Management.

New York-based ATL already controls an Irish aircraft leasing company. And Jim Pittman, senior vice president of BCIM, said that the investment is consistent with the firm’s approach of partnering with leading industry companies led by experienced management teams.

Pilot Freight’s current CEO, Richard Phillips, will remain at the helm, and the Phillips family will retain a significant stake in the company.

“Pilot has achieved significant growth over the past 45 years in an ever-changing logistics environment,” said Phillips. “The Phillips family believes it is important for Pilot to work with experienced partners who can help us continue to evolve and innovate in order to remain a best-in-class service provider to our customers.”

Read more about the transaction in Transport Topics by clicking here.