Apollo and KKR Value Atlantic Aviation at Nearly $10 Billion in New Strategic Partnership

Apollo and KKR announced a new strategic partnership on August 27, 2026, involving Atlantic Aviation, valuing the fixed base operator network at nearly $10 billion. Under the transaction, Apollo-managed funds acquired a significant interest in Atlantic Aviation while KKR-managed funds retained a substantial shareholding. Neither firm disclosed Apollo's exact ownership stake, the amount Apollo paid, KKR's cash proceeds, or Atlantic's current debt load.

KKR had originally acquired Atlantic Aviation from Macquarie Infrastructure on September 23, 2021, for $4.475 billion, a transaction that included approximately $1 billion of assumed debt and was struck at 16.2 times Atlantic's 2019 EBITDA, implying 2019 operating earnings of roughly $276 million. Since that purchase, Atlantic has grown its FBO network from 69 locations to more than 105, an expansion of approximately 52%. The most significant step came in 2022, when Atlantic combined with Ross Aviation, adding 19 FBO locations across the United States and the Caribbean; Atlantic also acquired three former TAC Air locations, helping the company surpass 100 FBOs in total.

The rise in stated value from $4.475 billion to nearly $10 billion represents an increase of approximately $5.525 billion, or about 123%, over roughly five years, equivalent to an annualized rate of approximately 17.7%. Atlantic Aviation operates FBOs — service centres at airports providing jet fuel, aircraft parking and hangar leasing, ground handling, catering, passenger and crew lounges, and related services for private and business aircraft.

The headline figure reflects the total enterprise value of the business, not KKR's equity return, and because Atlantic is privately held, its current EBITDA, debt level, and KKR's actual profit from the partial sale have not been made public. If the 2021 valuation multiple of 16.2 times EBITDA were applied to the new $10 billion figure, it would imply current EBITDA of approximately $617 million.

Alternatively, if EBITDA stands near $500 million, investors are paying a higher multiple than KKR paid in 2021; if closer to $700 million, earnings growth alone may largely account for the higher valuation. Atlantic Aviation shares are not publicly listed; retail investors can gain only indirect exposure through KKR or Apollo as publicly traded asset managers.

This transaction shows how sponsors handle a maturing infrastructure asset: rather than a clean exit, KKR retained a substantial stake alongside a new partner, signaling continued conviction in growth while still crystallizing part of its gain. Atlantic's airport positions are considered difficult to replicate, requiring airport approvals, land rights, permits, and capital investment, characteristics that lead investors to classify the business as aviation infrastructure rather than a conventional service operator — a distinction that supports premium valuations even without public disclosure of underlying earnings.

For Apollo, the deal provides exposure to a national private aviation infrastructure platform with long-term airport agreements and diversified corporate and general aviation customers, extending a broader trend of large-cap private equity firms treating FBO networks as scarce, contracted real estate rather than cyclical aviation services businesses. The gap between the $500 million and $700 million EBITDA scenarios is the real question left open by this deal, and it will only be resolved if either firm discloses more detail about Atlantic's current financials or a future transaction reveals a cleaner benchmark.