Thom Harrow, former president of Volo Aviation, last year formed a new company called Airport Property Partners (APP) and in December purchased four Volo FBOs from Merrill Lynch. The four FBOs–in Fort Pierce and Sarasota, Fla.; Manassas, Va.; and Hayward, Calif.–will be rebranded as APP Jet Centers. Harrow expects new signage for the facilities to be in place by the end of next month. “We have not made significant changes in personnel or the approach or anything,” Harrow said. “We liked the way they were operated before. I think they’re great businesses and have great personnel, but they’re benefiting more from an owner-operator focus than previously when they were owned by Merrill Lynch.” Harrow said that at all four FBOs, hangars are more than 90 percent occupied and that revenues are balanced 50/50 between fuel sales and hangar/office space rental. APP is planning capital improvements, including a new fuel farm, hangar and terminal building at Hayward, hangar and terminal improvements at Fort Pierce and interior renovations at the Manassas FBO.
APP Buys Four Volo FBOs, Plans Rebranding
- January 26, 2010, 11:07 AM