Apollo Infrastructure Funds Take Modern Aviation for a Flight
Posted on 11/03/2023
Apollo-managed infrastructure funds acquired a majority stake in Modern Aviation, a fixed base operator (FBO) platform serving business and general aviation, as well as commercial, cargo and military aircraft at airports across North America. Tiger Infrastructure Partners, which currently owns Modern Aviation, and the company’s management team will each reinvest alongside the Apollo Funds. Modern Aviation is engaged in pursuing FBO acquisitions and development opportunities throughout North America and the Caribbean with the goal of developing a national FBO chain.
Founded in 2017 by Tiger Infrastructure Partners and Modern’s management team, Modern Aviation is led by CEO Mark Carmen. The company operates a portfolio of 16 sites today and serves a diversified customer base across various aviation segments. Mark Carmen’s operating experience is from his role as President of Universal Weather & Aviation, Inc., a global company with 1,750+ employees providing business jet owners and operators international trip support services, ground handling via Universal Aviation, fuel via UVAir, and software solutions.
The acquisition will be the latest investment for Apollo’s growing infrastructure franchise, which brings the scale, expertise and capital markets capabilities of Apollo’s investment platform to the middle market. The team focuses on mid-market businesses and assets, and key investment themes include the global energy transition, digital infrastructure, global supply chain and sustainable living. Across its platform, Apollo Funds and affiliated entities have deployed more than US$ 12 billion into aviation industry investments.
The transaction is subject to customary closing conditions, including certain regulatory approvals, and is expected to close by year-end. Financial terms were not disclosed.
Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Winston & Strawn LLP and Lowenstein Sandler LLP acted as legal counsel and Harris Williams served as financial advisor to Tiger and Modern Aviation.
On February 22, 2018, Modern Aviation closed on the acquisition of Air Wilmington located at Wilmington International Airport in Wilmington, North Carolina. Air Wilmington is the sole FBO at Wilmington International Airport where it provides fueling, hangar storage and MRO services to general aviation, military and commercial airlines.
Keywords: Apollo Global Management.
