Funds managed by Apollo are acquiring a majority stake in Modern Aviation, a North American aviation services business, from Tiger Infrastructure Partners and Modern Aviation鈥檚 management team.
As part of the deal, Tiger Infrastructure and Modern Aviation鈥檚 management team will each reinvest alongside the Apollo funds to help 鈥渂olster Modern Aviation鈥檚 shareholder base to support future strategic growth initiatives鈥�, the companies said without disclosing any financial details.
Modern Aviation, founded in 2018, is a fixed-base operator platform serving business and general aviation, as well as commercial, cargo and military aircraft at airports across North America.
Apollo Partner Dave Cohen, said: 鈥淢odern Aviation is known for its excellent client service and has built a strong infrastructure network with clear growth prospects across new and existing locations. We look forward to leveraging our deep experience investing in infrastructure and aviation assets to help the company execute on its strategic plans.鈥�
Modern Aviation CEO Mark Carmen, said: 鈥淭ogether, we are committed to executing Modern鈥檚 strategy of supporting our customers in a safe environment, investing in our 16 existing locations and growing our network.鈥�
Tiger senior managing director Adam Emmert, said: 鈥淚t has been rewarding for us to help Modern grow from a small team with a single location into one of the leaders in the US fixed-base operator industry.鈥�
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