Private equity firm TPG is selling luxury terminals operator PS to airport operator Groupe ADP for an unspecified amount.
PS, formerly known as the Private Suite, was founded in 2017 and opened its first location at Los Angeles International Airport. It has since expanded to Atlanta and is developing locations in Dallas and Miami.
Amina Belouizdad Porter, CEO of PS, said: “With TPG’s resources and operational insights, coupled with our team’s deep hospitality expertise, we have successfully built a first-of-its-kind luxury travel service for commercial flyers – and we are just getting started.
“We are now at an exciting inflection point with ambitions to create an international brand and believe this partnership with Groupe ADP will enable us to offer more locations and experiences to our members, while creating new and exciting opportunities for our team.”
BJ Loessberg, a business unit partner at TPG Growth, said: “Throughout our partnership, the company’s strong performance – which further accelerated following the pandemic – has been enabled by Amina and PS’s growth-oriented management team.
“We are very proud of the success we have achieved together and confident that Groupe ADP is the right new partner for PS as they continue to enhance their offerings and expand their presence across the US and beyond.”
To read the latest IPE Real Assets magazine click here.
