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Sheltair, Modern Aviation ink deal on FBO acquisition

Modern Aviation and Sheltair Aviation have reached an agreement in which Modern will acquire five Sheltair locations in New York. Sheltair Aviation, the nation's largest private-owned aviation network, has included its properties at LaGuardia (KLGA), John F. Kennedy (KJFK), Francis Gabreski (KFOK), Republic (KFRG), and Long Island MacArthur (KISP) Airports in the contract."During the past year, we received an unsolicited overture from Modern Aviation that compelled us to review our role in New York at a time when we are significantly enlarging our national footprint in other parts of the country," said Lisa Holland, President of Sheltair Aviation. Modern Aviation's corporate presence in New York and the company's track records at major airports around the country made them an obvious and appropriate buyer, Holland explained.Modern Aviation intends to hire all of Sheltair's current employees in the New York market."We are very excited to be in a position to take over Sheltair's operations in New York, where we founded Modern and are based," said Modern Aviation CEO, Mark Carmen. "We know the New York market is a highly attractive, growing general aviation market, and we plan to invest in additional infrastructure as we have continued to do in our other markets."Since its founding in 2017, Modern Aviation has been acquiring and further developing FBOs around the country. Backed by Tiger Infrastructure Partners, a middle-market private equity firm that invests in infrastructure platforms, Modern made its first FBO acquisition in February 2018 with Air Wilmington at Wilmington International Airport (KILM). The company went on to acquire additional FBOs, including XJet Holdings, LLC and Gateway USA, LLC.Sheltair and Modern expect the transaction to close in the fourth quarter of 2021.
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