PE-backed Lynx buys Northstar Aviation FBO assets at RI airport

Lynx FBO Network, a portfolio company of The Sterling Group, has acquired the FBO assets of Northstar Aviation at the Theodore Francis Green State Airport in Providence, Rhode Island.

Lynx FBO Network, a portfolio company of The Sterling Group, has acquired the FBO assets of Northstar Aviation at the Theodore Francis Green State Airport in Providence, Rhode Island. No financial terms were disclosed. Honigman Miller Schwartz & Cohn LLP served as legal advisor to Lynx in the acquisition.

PRESS RELEASE

HOUSTON, TX (December 15, 2020) – Lynx FBO Network (“Lynx”), a portfolio company of The Sterling Group, announced today it has acquired the FBO assets of Northstar Aviation at the Theodore Francis Green State Airport (PVD) in Providence, Rhode Island. The acquisition marks Lynx’s ninth FBO location.

“We are excited to further expand the Lynx FBO Network in the Northeast United States, and Providence will greatly enhance our East Coast presence. We look forward to working with the Rhode Island Airport Corporation, the local FBO team, and all stakeholders in continuing the great partnership Northstar Aviation has established over their tenure of over 30 years at the airport,” said Chad Farischon, President and Partner of Lynx.

“Providence is a strategic location for Lynx that has been a top priority target for years,” said Greg Elliott, a Partner at The Sterling Group. “Our team’s ability to get this across the finish line during COVID shows our commitment and ability to continue to expand our network in any environment.”

Lynx is a rapidly growing network of FBOs in the general aviation industry with locations in Napa, California, Destin, Florida, Minneapolis (Anoka), Minnesota, Portland (Aurora), Oregon, Little Rock, Arkansas, Pittsburgh, Pennsylvania, Fort Lauderdale, Florida, Morristown, New Jersey and now Providence, Rhode Island. 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 and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 57 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling currently has over $4.0 billion of assets under management. For further information, please visit www.sterling-group.com.