Bain Capital has entered the fixed-base operator (FBO) sector with the acquisition of US aviation services provider APP Jet Center from Ridgewood Infrastructure for an undisclosed sum.
APP provides aviation real estate and services, including fueling and hangar space, across five US hubs, covering South Florida, Washington DC, the San Francisco Bay Area and Denver.
Chris Leddy, managing director at Bain Capital Real Estate, said: “APP Jet Center is a strong starting point for our FBO strategy, as the business operates at attractive, capacity-constrained airports and has built long-standing relationships with airport authorities and customers.
“We see an opportunity to support the growth of the platform through continued investment in facilities, operations and leadership, applying the same disciplined, active ownership approach that has guided our work across other operationally intensive real estate sectors.”
Matt Evans, partner at Bain Capital Special Situations, said: “We continue to believe that aviation is a space that will benefit from outsized growth and can create durable value across market cycles.”
Mark Johnstone, former CEO of Signature Aviation, will lead the business.
Johnstone said: “We will focus on our employees, customers and safety as we build on the great work of the APP Jet Center team. Looking ahead, we plan to thoughtfully expand our presence in core markets and to support the long-term structural growth of private and business aviation.”
Ridgewood Infrastructure bought APP Jet Center in January 2022.
The acquisition establishes Bain Capital’s first FBO platform, expanding its existing aviation footprint which spans aircraft leasing, aviation services and transportation-linked businesses.
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