Freeman Holdings Group, which owns and operates about a third of the facilities in the Million Air FBO chain, announced on Friday that it has secured a $300 million line of credit to expand its current FBO portfolio through both organic growth and acquisitions. The company holds nine of the 25 Million Air FBOs in North America, as well as three Freeman-branded facilities in California and Louisiana.
“With the current cost of money, we feel it is advantageous for us to deploy some of the capital available to us to continue fueling our aggressive rate of growth,” said Freeman Holdings Group CEO Scott Freeman. “We intend to be an aggressive participant in the acquisition arena in the coming months in hopes of finding new locations and markets that will complement our current portfolio.”
This closely follows a move by another FBO chain, Sheltair, to build capital to expand current facilities or acquire more locations. Just three weeks ago, Sheltair announced that it secured a $260 million credit facility with SunTrust Bank to continue expanding its 16 bases and fund future acquisitions and alliances.