APP Jet Center, an FBO that owns and operates essential aviation infrastructure at Treasure Coast International airport in Fort Pierce, Florida; Hayward Executive airport in California; and Manassas Regional airport in Virginia, has been acquired by US investor Ridgewood Infrastructure. APP also offers hangarage at Denver Centennial airport in Colorado.
"We founded APP in 2009 and were recently seeking a value-adding partner to help us achieve our potential," says CEO Dan Harrow. "We are thrilled to be partnering with Ridgewood as we take the next step with our business. Ridgewood has deep transportation infrastructure experience and a track record of success working with companies like ours."
"APP has an outstanding business model, centred on providing exceptional service to its long-standing and high-quality customer base," says Ridgewood partner Ryan Stewart. "With a strong foundation built upon key facilities in several major metropolitan markets, Ridgewood looks forward to working in partnership with APP to continue growing the business, both organically and through selective acquisition. We are excited to help take APP to the next level with continued focus on fostering long-term partnerships with our customers and an ongoing commitment to operational excellence and sustainability."
Ridgewood managing partner Ross Posner adds: "We are thrilled to be partnered with Dan and the APP team and to have the opportunity to add this investment to our portfolio. We look forward to working together to accelerate APP's growth. Ridgewood's investment in APP exemplifies our ability to create differentiated exposure to essential infrastructure in the US lower middle market, drive value and deliver beneficial outcomes."