Apollo and KKR formed a strategic partnership to support the continued growth of Atlantic Aviation, a large private aviation infrastructure platform in the United States. Under the transaction, Apollo-managed funds have acquired a significant interest in the company, while KKR-managed funds remain a substantial shareholder. The transaction values Atlantic Aviation at nearly $10 billion.
“Atlantic has built an irreplicable infrastructure footprint across the nation’s busiest airports, underpinned by long-term concession agreements and a customer base that values reliability and service above all else,” David Cohen, partner of Apollo, said. “The private aviation market has structural tailwinds that we believe will persist, and Atlantic is well positioned to capture that growth. We look forward to working closely with Jeff, the entire Atlantic team and KKR to build on its momentum through targeted investment and strategic new market expansion.”
Dash Lane, partner of KKR, added, “Atlantic Aviation exemplifies the kind of scaled, essential infrastructure platform we seek to build in our portfolio. Over the past five years, we have worked closely with Jeff and the team to expand and strengthen the business, and we believe there is meaningful opportunity ahead. Our continued support of the company reflects our conviction in both the strength of the platform and the long-term growth of the sector, and we are pleased to welcome the Apollo Funds as new investors in the company.”
Jeff Foland, CEO of Atlantic Aviation, said, “This transaction is more than a milestone for Atlantic; it is a powerful validation of what our people have built together. To have two of the world’s most respected investment firms choose to invest in our company is an extraordinary endorsement of our people, our performance and our potential. We are incredibly proud of what we have accomplished, and even more excited about what comes next.”
Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to the Apollo Funds. Evercore and Morgan Stanley served as financial advisors and Kirkland & Ellis served as legal advisor to KKR.
