Apollo-Managed Funds Acquire Significant Equity Stake in Atlantic Aviation at ~$10bn Valuation

Apollo-managed funds have acquired a significant equity stake in Atlantic Aviation, valuing the fixed-base operator at nearly $10 billion. The transaction makes Apollo a major investor alongside KKR, which originally acquired Atlantic Aviation in 2021.

An Apollo spokesperson confirmed the acquisition of a "significant equity ownership stake" in the company. An Atlantic Aviation spokesperson told Corporate Jet Investor: "That means two of the largest and most respected investment firms in the world chose to put their capital into what has been built at Atlantic, and we're excited about that opportunity." Apollo partner David Cohen said: "Atlantic has built an irreplicable infrastructure footprint across the nation's busiest airports, underpinned by long-term concession agreements and a customer base that values reliability and service above all else. We look forward to working closely with Jeff [Foland, CEO], the Atlantic team and KKR to build on its momentum." KKR partner Dash Lane said: "Atlantic Aviation exemplifies the kind of scaled, essential infrastructure platform we seek to build in our portfolio."

Atlantic Aviation confirmed that day-to-day operations remain unchanged for staff and clients, with its spokesperson saying: "Same mission, same standards, same teams. What changes is the capital and the confidence behind Atlantic to keep investing and keep thriving." Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Apollo on the transaction, while Evercore and Morgan Stanley served as financial advisors to KKR, with Kirkland & Ellis acting as legal counsel.

This transaction shows how private capital increasingly treats FBO networks as infrastructure assets rather than aviation service businesses, valuing them on the strength of long-term airport concessions and recurring, essential demand. KKR's 2021 purchase and its retention of a stake through this recapitalisation, alongside Apollo's entry at a near-$10 billion valuation, indicate that large investment firms see durable value in platforms with entrenched positions at busy airports.

In the FBO segment, ownership structures often shift through recapitalisations that bring in new capital without disturbing daily operations, concession agreements or customer relationships, which is precisely what both companies described here. The advisory roster, spanning Paul, Weiss for Apollo and Evercore, Morgan Stanley and Kirkland & Ellis for KKR, points to a transaction of considerable scale and complexity.

What remains to be disclosed is the size of Apollo's stake and whether further changes to Atlantic Aviation's ownership or leadership will follow. Statements from Jeff Foland, the CEO named by Cohen, would carry the most weight in signalling how the two firms plan to jointly steer the platform going forward.