Oak Hill Capital Partners has executed a defi nitive agreement to acquire Southern Air, for an undisclosed sum. On closing, Southern Air will be combined with Cargo 360, an existing Oak Hill Capital portfolio company.

Southern Air’s founder & CEO, James Neff, and his family will retain a signifi cant minority interest in the combined company, and Neff will serve as its CEO. Terms of the transaction were not disclosed.

The combined business, which will trade as “Southern Air Holdings”, will operate a fl eet of thirteen Boeing 747 classic freighters.

Southern Air Holdings has also reached agreement to add another Boeing 747 classic freighter and two Boeing 747-400BCF freighters to its fl eet in 2008, and anticipates operating six new Boeing 777 freighters in the future.

Southern Air Holdings will be headquartered in Norwalk, Connecticut, with fl ight and maintenance bases located around the world. The transaction is expected to close in September 2007.