Apollo takes major stake in Atlantic Aviation, valuing FBO network near $10B

Apollo Global Management said its managed funds have taken a significant stake in Atlantic Aviation, one of the largest operators of fixed-base operations (FBOs) for private aircraft in the world. Apollo said the transaction values Atlantic Aviation at close to $10 billion.

Atlantic Aviation provides fueling, maintenance, deicing, hangar leasing and concierge services across more than 100 locations in North America. The company has also been building infrastructure for future aircraft types. That includes electrified vertiports meant to support electric vertical takeoff and landing air taxis, developed through a dedicated unit called Vertiports by Atlantic.

Apollo said the company has one of the strongest safety records in its industry. It pointed to an internal recognition program that honored 62 employees this year, with facilities in Las Vegas and Hilo, Hawaii, singled out for awards.

The deal follows a period of consolidation and investor interest in FBO infrastructure. KKR bought roughly 70 Atlantic locations from Macquarie Infrastructure in 2021 for about $4.5 billion, later combining them with Ross Aviation's network. Apollo said KKR will remain a substantial shareholder in Atlantic after the new transaction closes.

Earlier this year, reporting indicated KKR had been considering an exit from its Atlantic stake, worth as much as $10 billion, whether through a sale or a public listing. That reporting also noted KKR might instead choose to keep part of its holding.

Private equity firms have increasingly targeted aviation infrastructure, viewed by many investors as a comparatively stable asset class. Apollo itself agreed in 2023 to acquire a majority stake in a rival FBO operator, Modern Aviation, which has separately received backing from Tiger Infrastructure Partners.