Lynx FBO Network, a portfolio company of The Sterling Group, has acquired Fly Arkansas‘ FBO assets at Clinton National Airport in Little Rock, Arkansas. No financial terms were disclosed.
HOUSTON, March 1, 2018 /PRNewswire/ — The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its platform company, Lynx FBO Network, has completed the acquisition of the FBO assets of Fly Arkansas at Clinton National Airport in Little Rock, Arkansas. Fly Arkansas retains the FBO at Boone County Airport and Aircraft Management and Charter. In August 2016, Sterling launched Lynx, a buy-and-build effort in the FBO industry, and is executing a plan to build a leading FBO network providing general aviation services. This marks their sixth acquisition since inception.
“We’re thrilled to welcome Little Rock to our growing network,” said Chad Farischon, a partner with Lynx. “Such an optimal location will allow us to better serve our customers across the southeast.”
Sterling has assembled a strong and experienced team to build the network. Greg Elliott, a Partner at The Sterling Group, has been involved in building several FBO networks in the past fifteen years, including roles as the Chairman of Encore and Trajen, and Board member of Landmark Aviation. Chad Farischon, Tyson Goetz, and Matt DeLellis are former members of large networks including Trajen, Landmark Aviation and Atlantic Aviation. The management team purchased and integrated over 50 FBOs over the course of their careers.
“Little Rock is an ideal location for us to continue our network’s expansion,” said Greg Elliott. “This allows us to further execute on our vision to create a preeminent, best-in-class FBO network.” Lynx currently operates locations near Destin, Florida, Portland, Oregon, Minneapolis, Minnesota and now Little Rock, Arkansas. Lynx and Sterling are actively seeking 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 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 billion of assets under management. For further information, please visit www.sterling-group.com.