- Modern Aviation expects the transaction to close in the fourth quarter of 2022
- All of the employees of the three FBOs will remain with Modern Aviation post acquisition
- Modern Aviation is focused on acquiring and developing FBO operations in growth markets
Modern Aviation, which is backed by Tiger Infrastructure Partners, has agreed to acquire three fixed based operators. They are Mystic Jet Center, LLC, which operates Mystic Jet Center at Groton-New London Airport in Groton, Connecticut; Columbia Air Services-BHB, LLC, which operates Columbia Air Services at Hancock County-Bar Harbor Airport in Trenton, Maine; and Columbia Air Services-RUT, LLC, which operates Columbia Air Services at Rutland Southern Vermont Regional Airport in Rutland, Vermont.
The sellers are two unnamed owners.
No financial terms were disclosed.
Modern Aviation’s CEO Mark Carmen, said in a statement, “We are excited to have the opportunity to continue to grow and expand our presence in the northeast. All three locations are in attractive growing markets and have a long track record of outstanding customer service and safety provided by their experienced and long tenured professionals.”
All of the employees of the three FBOs will remain with Modern Aviation post acquisition. Collectively, the three operations will add more than 161,500 square feet of leasable hangar and office space to Modern Aviation’s portfolio.
Modern Aviation expects the transaction to close in the fourth quarter of 2022.
Based in New York City, Modern Aviation is focused on acquiring and developing FBO operations in growth markets.