Private equity firms Apollo and Tiger Infrastructure Partners have entered into a definitive agreement for Apollo‐managed infrastructure funds to acquire a majority stake in US FBO network Modern Aviation.

Tiger, which currently owns Modern Aviation, and the company's management team will each reinvest alongside the Apollo funds. Together, these investments will significantly bolster Modern Aviation's shareholder base to support future strategic growth initiatives.

Led by CEO Mark Carmen and a highly experienced management team, Modern Aviation operates a strategically curated portfolio of 16 sites and serves a diversified customer base across various aviation segments. Carmen says: "We are thrilled to be partnering with the Apollo team, and we appreciate Tiger's continued support as it has been with us since Modern was just an idea. Together, we are committed to executing Modern's strategy of supporting our customers in a safe environment, investing in our 16 existing locations and growing our network. I'd like to thank all of our Modern Aviation team members, whose steadfast dedication to customer service and safety drive our success."

Apollo partner Dave Cohen adds: "We are excited for Apollo funds to acquire Modern Aviation, working with Tiger, Mark and the entire team to support the business in its next phase of growth. Modern Aviation is known for its excellent client service and has built a strong infrastructure network with clear growth prospects across new and existing locations. We look forward to leveraging our deep experience investing in infrastructure and aviation assets to help the company execute on its strategic plans."

Tiger senior managing director Adam Emmert says: "We've been pleased to work collaboratively with the Modern management team for over six years. In the early years, the senior team co‐located with us in our New York offices as we worked closely to launch the platform. It has been rewarding for us to help it grow from a small team with a single location into one of the leaders in the US FBO industry. We are excited to continue our productive collaboration with Mark, Dan, Emmanuel and the rest of the Modern team with our new partners at Apollo."

Apollo Funds and affiliated entities have deployed more than $12 billion into aviation industry investments.