FLYING Magazine
Apollo Global Management said Thursday that its managed funds have taken a “significant interest” in Atlantic Aviation, which operates one of the world’s largest FBO networks. Apollo said the deal values Atlantic at nearly $10 billion.
Atlantic offers fueling, maintenance, deicing, hangar leasing, and concierge services for private aircraft out of more than 100 North American locations. The company also seeks to accommodate future aircraft, including electric vertical takeoff and landing (eVTOL) air taxis, by building a network of electrified vertiports under its Vertiports by Atlantic (VbA) unit.
Per Apollo, the FBO has one of the best safety records in the industry. Atlantic in 2025 said that 62 individual employees in its “Safety Pays” program were recognized for their efforts, with its facilities at Harry Reid International Airport (KLAS) in Las Vegas and Hilo International Airport (PHTO) in Hawaii earning awards.
Investors Snap Up FBOs
The strategic partnership between Apollo and Atlantic will see private investors take an even larger slice of the FBO’s pie.
In 2021, investment firm KKR acquired about 70 Atlantic FBOs from Macquarie Infrastructure Holdings for about $4.5 billion, later merging Atlantic’s business with Ross Aviation’s 19 locations. The partners have since expanded Atlantic’s presence in the U.S. and globally.
Apollo said KKR will remain a “substantial shareholder” in Atlantic following the transaction. Bloomberg in 2025 reported that KKR was exploring a possible $10 billion exit from the FBO through either a sale or initial public offering, though sources said the investor could retain its stake.
Private equity firms have shown an appetite for aviation infrastructure that many investors view as stable assets.
Apollo Infrastructure Funds in 2023 agreed to acquire a majority stake in Atlantic competitor Modern Aviation, which has also been backed by Tiger Infrastructure Partners. A few years earlier, Blackstone, Global Infrastructure Partners, and Bill Gates’ Cascade Investments acquired Atlantic’s chief rival, Signature Aviation, for about $4.7 billion.
In January, Bain Capital entered the FBO sector with its acquisition of APP Jet Center and its five locations for an undisclosed fee. Bain said that increased flight activity, modernized aircraft requiring new infrastructure, and limitations on developments at airports have driven strong demand for private and business aviation.
Demand could expand with new aircraft entrants that promise quieter and more efficient regional flights. Atlantic is working with eVTOL air taxi manufacturers Archer Aviation, Joby Aviation, and Beta Technologies—all backed by Blackrock—to prepare its locations for electric aircraft operations.
Apollo said Thursday that it has originated more than $155 billion in infrastructure investments over the past five years. It said KKR manages more than $120 billion in infrastructure assets and has poured more than $12 billion into the aviation sector since 2015.