APO - Apollo Infrastructure Funds Acquire Majority Stake in Modern Aviation | Benzinga
NEW YORK, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Apollo (NYSE:APO), Tiger Infrastructure Partners ("Tiger") and Modern Aviation (the "Company" or "Modern") today announced that they have entered into a definitive agreement for Apollo-managed infrastructure funds (the "Apollo Funds") to acquire a majority stake in Modern Aviation, a fixed base operator (FBO) platform serving business and general aviation, as well as commercial, cargo and military aircraft at airports across North America. Tiger Infrastructure Partners, which currently owns Modern Aviation, and the Company's management team will each reinvest alongside the Apollo Funds. Together, these investments will significantly bolster Modern Aviation's shareholder base to support future strategic growth initiatives.
Founded in 2018, Modern Aviation has grown to become one of the preeminent national networks of premium FBO properties. The Company, led by CEO Mark Carmen and a highly experienced management team, operates a strategically curated portfolio of 16 sites today and serves a diversified customer base across various aviation segments.
Apollo Partner Dave Cohen said, "We are excited for Apollo funds to acquire Modern Aviation, working with Tiger, Mark and the entire team to support the business in its next phase of growth. Modern 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."
Modern Aviation CEO Mark Carmen said, "We are thrilled to be partnering with the Apollo team and we appreciate Tiger's continued support as they have been with us since Modern was just an idea. Together, we are ...