Lynx FBO Network, a portfolio company of The Sterling Group, has acquired the FTC FBO at the Morristown Airport in Morristown, New Jersey. No financial terms were disclosed.
HOUSTON, Oct. 1, 2019 /PRNewswire/ — Lynx FBO Network (Lynx), a portfolio company of The Sterling Group, announced today it has acquired the assets of FTC FBO (FTC) and will now operate as the second full-service FBO at the Morristown Airport (MMU) in Morristown, New Jersey. The acquisition marks Lynx’s eighth FBO location.
“We are excited to enter the New York metropolitan area and believe this expansion into the largest general aviation market in the United States is a perfect complement to our growing network of FBOs. We look forward to working with DM Airports, LTD., the town of Morristown and the local team to develop a safe, customer-centric FBO that operators in the region have come to expect,” said Matt DeLellis, Chief Financial Officer with Lynx. Scott McMahon, Executive Director of DM Airports, LTD., added, “We’re pleased to welcome Lynx to the Morristown Airport. They will be a valuable addition to the exceptional amenities currently offered to general aviation operators in Morristown.”
The Morristown Airport is conveniently located just 27 miles west of New York City and provides fast and convenient travel into New York City. The newly acquired FBO offers more than 45,000 square feet of hangar space and more than 4.5 acres of available apron for aircraft parking. Post-closing, Lynx will begin planning for the design and development of a new FBO terminal and hangar complex.
Lynx is a rapidly growing network of FBOs in the general aviation industry with locations in Destin, Florida, Minneapolis (Anoka), Minnesota, Portland (Aurora), Oregon, Little Rock, Arkansas, Napa, California, Pittsburgh, Pennsylvania, Fort Lauderdale, Florida and now Morristown, New Jersey. The Lynx vision is to build a values-based FBO network known for exceptional service and quality, a rewarding team member experience, and a commitment to continuing excellence. The Lynx team is comprised of industry veterans who have worked together building FBO networks over many years, serving in management roles at numerous large FBO networks including Landmark Aviation, Atlantic Aviation and Trajen. Honigman Miller Schwartz & Cohn LLP served as legal advisor to Lynx in the acquisition. Lynx and Sterling continue to actively seek FBO acquisitions in North America.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 55 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 billion of assets under management. For further information, please visit www.sterling-group.com.