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Direct Investment  + Alternative Assets  + M&As  + Real Assets  |  November 3, 2023
Apollo Takes Majority Stake in Modern Aviation
By: Joe Palmisano

Apollo Takes Majority Stake in Modern Aviation 

Infrastructure funds managed by Apollo will take a majority stake in Modern Aviation through the exit of Tiger Infrastructure Partners’ Fund II investment in the company. 

Terms of the deal, which is expected to close by year-end, were not revealed. 

Modern is a fixed base operator (FBO) platform serving business and general aviation, as well as commercial, cargo and military aircraft at airports across North America.  

Tiger formed the platform in early 2018 in collaboration with Modern’s management team to acquire, upgrade, expand and operate FBOs around the U.S.  

Since then, Modern has acquired 16 locations through nine separate transactions from family and individual owners. Tiger will also invest new capital alongside Apollo to fund future growth of the company. 

“We are thrilled to be partnering with the Apollo team and we appreciate Tiger’s continued support as they have been with us since Modern was just an idea,” said Modern Aviation CEO Mark Carmen. 

Across its platform, Apollo Funds and affiliated entities have deployed more than $12 billion into aviation industry investments. As of September 30, Apollo had approximately $631 billion of assets under management. 

“Exiting Modern now delivers another full realization for our 2017-vintage Fund II, following closely on the heels of our recently announced sale of Zenobē to KKR Infrastructure,” added Tiger CEO Emil W. Henry, Jr. 

Pictured: Modern Aviation hangar at one of its 16 US locations 

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Inside The Story

Modern Aviation ApolloTiger Infrastructure Partners

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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