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Apollo, Tiger Infrastructure Partners and Modern Aviation announced Thursday that three companies have entered into a definitive agreement for Apollo-managed infrastructure funds to acquire a majority stake in the FBO Modern Aviation. Tiger currently owns Modern Aviation and its management team will reinvest alongside Apollo Funds. These investments will boost the FBO's shareholder base and support future growth initiatives.
Modern Aviation was founded in 2018 and quickly grew to be one of the leading national networks of premium FBO properties. The company is led by CEO Mark Carmen and an experienced management team, who operate a curated portfolio of 16 sites and serve a vast customer base across numerous aviation sectors.
"We are thrilled to be partnering with the Apollo team and we appreciate Tiger's continued support as they have been with us since Modern was just an idea," Carmen said. "Together, we are committed to executing Modern's strategy of supporting our customers in a safe environment, investing in our 16 existing locations and growing our network. I'd like to thank all of our Modern Aviation team members, whose steadfast dedication to customer service and safety drive our success."RELATED STORIES:Modern Aviation commits to achieving carbon neutrality, expanding offering of SAFModern Aviation breaks ground on hangar expansion in Puerto RicoModern Aviation set to acquire three FBOs in the northeast
"We've been pleased to work collaboratively with the Modern management team for over six years. In the early years, the senior team co-located with us in our New York offices as we worked closely to launch the Modern platform," Tiger Senior Managing Director Adam Emmert said. "It has been rewarding for us to help Modern grow from a small team with a single location into one of the leaders in the U.S. FBO industry. We are excited to continue our productive collaboration with Mark, Dan, Emmanuel and the rest of the Modern team with our new partners at Apollo."
This acquisition is the latest for Apollo. The company is growing its infrastructure franchise by bringing the scale, expertise and capital market capabilities of its investment platform in the middle market. The team is focused on mid-market businesses and assets, with notable investment themes in global energy transition, digital infrastructure, global supply chain and sustainable living. Apollo Funds and its affiliated entities have invested over $12 billion into aviation industry investments across its platform.
"We are excited for Apollo funds to acquire Modern Aviation, working with Tiger, Mark and the entire team to support the business in its next phase of growth," Apollo Partner Dave Cohen said. "Modern Aviation is known for its excellent client service and has built a strong infrastructure network with clear growth prospects across new and existing locations. We look forward to leveraging our deep experience investing in infrastructure and aviation assets to help the Company execute on its strategic plans."
The transaction is still subject to closing conditions, including regulatory approvals. The acquisition is expected to close by the end of 2023.
Modern Aviation has spent the last year expanding its presence across the U.S. In January the company broke ground on a $17 million hangar development project in San Juan, Puerto Rico. In October 2022 Modern Aviation agreed to purchase three FBOs in the northeastern U.S. As well as expanding its presence, Modern Aviation is also developing a strategy to achieve carbon neutrality for Scope 1 and Scope 2 emissions by 2050.