Ameriflight LLC, a provider of air charter and cargo services, has been purchased by Sarasota, Florida investor Pebbles Aviation LLC. The acquisition was announced by both firms on Thursday, according to Los Angeles Business Journal (LABJ).

Headquartered at Burbank Bob Hope Airport, Ameriflight provides feeder services to express carriers such as UPS, DHL, and FedEx. The company is also a provider of contract services to laboratories, freight forwarders, and banks, the report detailed.

The Burbank firm presently employs over 600 workers nationwide. Its fleet of 170 aircrafts covers the North American and Caribbean areas, the report added.

Pebbles principal James J. Martell said in a statement: "Our goal is stable leadership and strategic growth that best serves Ameriflight's customers and employees."

Under the terms of the acquisition deal, Martell will be appointed as Ameriflight's executive chairman. Andrew Lotter will be the president of the newly acquired firm. Gary Richards, the aviation company's founder and former president, retired after 45 years of service in the firm, LABJ reported.