In a blockbuster transaction between FBO chains, Sheltair—the largest privately-owned aviation services provider in the U.S.—has agreed to sell its five New York locations to Modern Aviation. Included are Sheltair's facilities at John F. Kennedy International (KJFK), LaGuardia (KLGA), Republic (KFRG), Long Island MacArthur (KISP), and Francis S. Gabreski (KFOK) airports. The deal, subject to regulatory approval, is expected to close by year-end.
“During the past year, we received an unsolicited overture from Modern Aviation that compelled us to review our role in New York at a time when we are significantly enlarging our national footprint in other parts of the country,” said Sheltair president Lisa Holland. "Modern Aviation became an obvious and appropriate buyer given their corporate presence in New York, their track record of excellence at major airports elsewhere in the country, and their roster of respected professionals with extensive experience in the New York aviation community.”
Modern, supported by Tiger Infrastructure Partners, a middle-market private equity fund, began operations in 2018 with its purchase of Air Wilmington. Since then, the company has grown to include FBOs in other major cities, including Denver, where it recently announced a major expansion, and Seattle.
“We know the New York market is a highly attractive, growing general aviation market and we plan to invest in additional infrastructure as we have continued to do in our other markets,” said Modern Aviation CEO Mark Carmen. “This is an important step in the evolution and growth of Modern and we intend to continue to focus on providing world-class customer service, outstanding quality, and safety everywhere we operate.”