Global asset management firm Apollo Funds has acquired a majority share in FBO chain Modern Aviation from Tiger Infrastructure Partners.
Founded in 2018, Modern made an immediate splash with the acquisition of the former XJet FBO at Denver Centennial Airport. It followed that up with the agreement to purchase all five of Sheltair’s New York-area locations in 2021. With its rapid growth, the company now has 16 locations in the U.S. and Caribbean.
“We’ve been pleased to work collaboratively with the Modern management team for over six years,” said Tiger senior managing director Adam Emmert. “It has been rewarding for us to help Modern grow from a single location into one of the leaders in the U.S. FBO industry.”
Apollo focuses on mid-market businesses and assets with key areas of investment including energy transition, digital infrastructure, supply chain, and sustainability. The company and its affiliated entities have deployed more than $12 billion into the aviation industry. As part of this latest transaction, Tiger along with Modern’s management team will reinvest alongside the Apollo funds.
“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,” said Apollo partner Dave Cohen. “We look forward to leveraging our deep experience investing in infrastructure and aviation assets to help the company execute on its strategic plans.”
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2023-11-03
