Apollo takes stake in Atlantic Aviation at $10bn valuation Corporate Jet Investor

The investment is backed by long-term airport concession agreements that offer infrastructure durability. Private equity's appetite for private aviation is surging. It is hardly surprising though. Dealmakers are often the most frequent passengers in the sky and know first-hand the essential value of airport infrastructure. Now, Apollo-managed funds have joined KKR as major investors in Atlantic Aviation, taking a significant equity stake in a transaction that values the fixed-base operator (FBO) at nearly $10bn. 'That means two of the largest and most respected investment firms in the world chose to put their capital into what has been built at Atlantic, and we're excited about that opportunity,' an Atlantic Aviation spokesperson tells Corporate Jet Investor. An Apollo spokesperson also confirmed the acquisition of a 'significant equity ownership stake' in the company. The investment is backed by long-term airport concession agreements that offer infrastructure durability. 'Atlantic has built an irreplicable infrastructure footprint across the nation's busiest airports, underpinned by long-term concession agreements and a customer base that values reliability and service above all else,' said Apollo partner David Cohen. 'We look forward to working closely with Jeff [Foland, CEO] , the Atlantic team and KKR to build on its momentum.' For KKR, which acquired Atlantic in 2021, the recapitalisation serves as a validation of its investment thesis. Since 2021, Atlantic has aggressively expanded its network. 'Atlantic Aviation exemplifies the kind of scaled, essential infrastructure platform we seek to build in our portfolio,' said KKR partner Dash Lane. Atlantic confirmed day-to-day operations remain unchanged for staff and clients. 'Same mission, same standards, same teams. What changes is the capital and the confidence behind Atlantic to keep investing and keep thriving,' the spokesperson tells us. Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Apollo; Evercore and Morgan Stanley served as financial advisors with Kirkland & Ellis as legal counsel to KKR. Subscribe to our free newsletter For more opinions from Corporate Jet Investor, subscribe to our One Minute Week newsletter. Subscribe here