Fledgling FBO Chain Makes Major Acquisition

 - September 18, 2018, 11:23 AM
Once the flagship of the XJet brand, the company's FBO at Denver-area business aviation hub Centennial Airport has been sold to private equity-backed Modern Aviation, giving the recently-launched chain its second location.

Modern Aviation, which´╗┐ launched in February with the purchase of Air Wilmington, has made a major splash with the announcement that it has acquired XJet, the highly rated FBO at Denver Centennial Airport (APA).

“XJet is known for its high-quality facilities, outstanding customer service, and commitment to safety, which is a perfect fit for the Modern Aviation platform,” said Modern CEO Mark Carmen, who added that the company plans to invest infrastructure at the facility. “We intend to immediately expand the ramp to accommodate more traffic and have plans to build out additional hangars on the existing leasehold to service growing demand in the region.” The transaction, the terms of which were not disclosed, is expected to close by the end of the year, pending regulatory approval.

The FBO, one of five at APA, includes a 20,000-sq-ft terminal/clubhouse with passenger lounge, conference room, pilots lounge, snooze room, relaxation room, office space, and a climate-controlled auto spa. Its 50,000-sq-ft heated hangar can accommodate aircraft up to a Gulfstream G650.

“XJet has built outstanding facilities at APA, and over the last 10 years has maintained an incredible track record of delivering exceptional customer service by a team that loves what they do,” said XJet founder and CEO Josh Stewart, who will now focus his attention on the company’s European hub at London Stansted Airport and in the MENA region, where it also operates an FBO at Dubai Al Maktoum International Airport.

Modern says its strategy is to acquire and develop FBO operations in growth markets. Backed by middle-market private equity fund Tiger Infrastructure Partners, it is pursuing additional locations in North America and the Caribbean.