Apollo and KKR have formed a strategic partnership around Atlantic Aviation, with Apollo-managed funds acquiring a significant stake in the US private aviation infrastructure business at a valuation of nearly $10bn.
KKR-managed funds will remain a substantial shareholder following the transaction, allowing the private equity firm to retain exposure to a business it has owned since 2021 while bringing Apollo in as a new investor.
Atlantic Aviation operates fixed-base operator (FBO) facilities across the US, providing essential services including aircraft fuelling, hangar space and other ground support to corporate and general aviation customers.
The company operates under long-term airport concession agreements and has built a diversified network across some of the country’s busiest aviation markets.
Financial terms of Apollo’s investment have not been disclosed.
The transaction represents a continuation of KKR’s investment in Atlantic Aviation rather than a full exit.
Since acquiring the business in 2021, KKR has backed expansion through a combination of acquisitions and organic investment, increasing the company’s footprint across the US and selected international markets.
The firm has also invested in operational improvements and employee health and safety, with Atlantic Aviation developing one of the stronger safety records in the sector, according to KKR.
For KKR, retaining a substantial interest provides continued exposure to the long-term growth of private aviation while allowing the company to bring in another large-scale infrastructure investor.
