The infrastructure arm of Goldman Sachs Alternatives has sold its ownership stake in Aviation Facilities Company Management (AFCO) to investment firm Ardian for an undisclosed sum.
Goldman Sachs, which acquired AFCO in 2018, has said that, since then, AFCO has expanded its business and implemented various value-creation strategies.
AFCO, headquartered in Dulles, Virginia, operates over 3.5m sqft of airport infrastructure across 29 properties at 15 airport locations in the US and UK. This includes on-airport cargo warehouses, aircraft apron, ground support facilities, maintenance hangars and a pipeline of development and acquisition opportunities.
Stefano Mion, co-head of infrastructure Americas and senior MD at Ardian, said: “We are delighted to partner with AFCO and leverage the team’s experience, knowledge and the relationships they have developed over the past three decades in the airport infrastructure space as we continue to build on the company’s strong foundation and accelerate growth.
“On behalf of the Ardian team, we look forward to working closely with the AFCO management team in this exciting next chapter of partnership.”
Leonarda Orani, MD at Ardian, said: “This investment builds on our strategic initiative to expand into the infrastructure and aviation market. Ardian launched this initiative over 10 years ago and has since held and exited investments in London Luton and 2i Aeroporti and, most recently, made a significant investment in Heathrow to become the airport’s largest shareholder.
“AFCO is the ideal partner as we continue to expand our industry footprint around the world, particularly in the US, and the broader Americas region, and focus on acquiring strategic infrastructure assets with a proven track record.”
Teresa Mattamouros, infrastructure MD at Goldman Sachs Alternatives, said: “Our investment in AFCO, sourced on a bilateral, proprietary basis, represents the unique access to compelling infrastructure opportunities provided by our One Goldman Sachs franchise. We wish the management team and Ardian success on the next phase of their journey.”
Chuck Stipantic, CEO of AFCO, said: “We have instituted a number of value creation initiatives, including an innovative financing structure that has allowed us to invest in existing facilities and strategically expand our portfolio through new acquisitions and developments and create cost-effective solutions for our airport and tenant partners.
“As we look ahead, we are excited about our new relationship with Ardian and look forward to drawing on the team’s expertise as a global player and international leader in essential infrastructure, including transportation and aviation, as we continue to grow our company.”
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