Modern Aviation has signed a definitive agreement to acquire Hill Aviation, which includes FBO and MRO operations at Fernando Luis Ribas Dominicci Airport (Isla Grande Airport/TJIG) in San Juan, Puerto Rico and a satellite FBO operation at Jose Aponte de la Torre Airport (TJRV) in Ceiba, Puerto Rico, from Tommy Hill and VRM Companies.
The Propilot aircraft management and charter business will remain based at Isla Grande Airport.
Hill Aviation operates the sole FBO at Isla Grande Airport where it offers more than 91,000 square feet of hangar space and office space. The operation will be rebranded Modern Aviation after the acquisition closes.
Modern’s CEO Mark Carmen said, “We are very excited about acquiring Hill Aviation. Isla Grande Airport has been growing by attracting new based customers as it offers significant advantages compared to other regional airports: the FBO’s location offers quicker access to/from the main roads in San Juan; and customers can directly access their aircraft on the ramp unlike at comparable airports in San Juan.
“San Juan is a highly attractive, growing general aviation market, and we plan to further develop Hill Aviation’s leasehold by building additional hangar space and upgrading the FBO terminal to service growing demand in the market. Additionally, we look forward to providing industry best practices through Hill Aviation’s team of dedicated employees to benefit all stakeholders at Isla Grande Airport.”
“Hill Aviation, which has been operating at Isla Grande Airport for more than 30 years, has delivered outstanding customer service through our exceptional team of employees,” said Hill Aviation CEO Tommy Hill. “Modern Aviation is well positioned to build on our success at Isla Grande and to further develop the business to reach its full potential. I look forward to working with Modern Aviation to continue to provide a base of operation for our Propilot business and customers. We are confident that Modern will provide a great home for our Hill Aviation team members and our loyal customers.”
“We are pleased to have been a part of such a successful growth story, and we are proud of and grateful to Tommy and the team for being great partners in delivering this outcome” said Carlos Penzini, VRM Companies Private Equity Managing Partner.
Modern expects the transaction to close at the end of 2021.