Apollo takes stake in Atlantic Aviation at nearly $10 billion valuation

Apollo has acquired a substantial stake in Atlantic Aviation, the fixed-base operator network, in a deal valuing the company at close to $10 billion. KKR-managed funds, which have backed Atlantic since 2021, will remain significant shareholders under the arrangement.

The companies did not disclose financial terms of the transaction beyond the overall valuation.

According to the companies' announcement, Apollo partner David Cohen pointed to lasting structural growth trends in the private aviation market as a rationale for the investment. Apollo said it intends to work with both Atlantic and KKR on further investment and expansion into additional markets. KKR partner Dash Lane said the firms see further opportunity ahead.

KKR originally bought Atlantic Aviation from Macquarie Infrastructure Corp in 2021 for roughly $4.475 billion. At the time, the company ran 69 FBO locations providing fuel, hangar and related services to private aviation customers. Atlantic has since grown to operate more than 105 locations across North America.

Much of that expansion has come through acquisitions, notably a 2022 combination with Ross Aviation that helped push the network past the 100-location mark. The company has also added independent FBOs and secured new airport lease awards and development projects since then.

The new valuation is more than double what KKR paid in 2021, reflecting the network's growth over the past several years.