FBO operator Modern Aviation has been acquired by private equity firm Apollo Infrastructure.
Modern Aviation, which was founded in 2018 operates at 16 locations in the USA. The company has been expanding recently – in January ground was broken on a US$17 million hangar project at San Juan, Puerto Rico and in March it acquired three FBOs in the Northeast of the USA.
The company has been owned by another private equity company Tiger Infrastructure, which alongside Apollo, plans to reinvest to support future growth of Modern.
Partner at Apollo Dave Cohen said, “We are excited for Apollo funds to acquire Modern Aviation, working with Tiger, Mark and the team to support the business in its next phase of growth.
“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.”
Modern Aviation CEO Mark Carmen said, “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. 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.”
Senior managing director Adam Emmert of Tiger said, “We have 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.
“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 US FBO industry. We are excited to continue our productive collaboration with our new partners at Apollo.”