Bain Capital announced on Tuesday that it has entered the FBO sector with its acquisition of APP Jet Center.
Bain Capital states that demand for private and business aviation services is strong due to long-term growth in flight activity, aircraft requiring modern hangar infrastructure and airport environments that limit new development. The company claims these factors and the operational nature of the business make FBOs well-suited for its investment approach. Bain Capital’s other aviation investments include aircraft leasing, aviation services and transportation-adjacent businesses.
“APP Jet Center is a strong starting point for our FBO strategy, as the business operates at attractive, capacity-constrained airports and has built long-standing relationships with airport authorities and customers” said Chris Leddy, a Managing Director at Bain Capital Real Estate. “We see an opportunity to support the growth of the platform through continued investment in facilities, operations, and leadership, applying the same disciplined, active ownership approach that has guided our work across other operationally intensive real estate sectors.”
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APP Jet Center has five locations in Florida, Washington, D.C., California and Denver. The former CEO of Signature Aviation, Mark Johnstone, will continue to lead the business. Johnstone and the APP Jet Center team will focus on enhancing operations and selectively expanding while investing to meet demand for hangar storage.
“I am truly excited by the acquisition of APP Jet Center and see this as a tremendous foundation for our new FBO journey,” said Johnstone. “We will focus on our employees, customers, and safety as we build on the great work of the APP Jet Center team. Looking ahead, we plan to thoughtfully expand our presence in core markets and to support the long-term structural growth of private and business aviation.”
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