Bain Capital has entered the fixed-base operator (FBO) market with the acquisition of APP Jet Center from Ridgewood Infrastructure, marking its first investment in the aviation services infrastructure sector.
APP Jet Center operates a portfolio of five FBO locations in the United States, serving business and general aviation customers at airports in markets including South Florida, the Washington DC region, the San Francisco Bay Area and Denver. Financial terms of the transaction were not disclosed.
Former Signature Aviation chief executive Mark Johnstone will lead the business following the acquisition.
Bain Capital said it plans to expand APP Jet Center’s footprint through the acquisition of additional FBO assets at capacity-constrained airports and through continued investment in facilities and operations.
The private equity firm cited long-term growth in business and private aviation activity, demand for modern hangar infrastructure and limits on new airport development as key drivers supporting the FBO sector.
DLA Piper acted as legal adviser to Bain Capital on the transaction.