APP Jet Center Chain Changes Hands with Sale To Bain

Global private investment firm Bain Capital has entered the FBO ownership arena with the purchase of the APP Jet Center chain from Ridgewood Infrastructure, which held the company for the past four years.

APP has FBOs in Florida at Treasure Coast International Airport (KFPR) in Fort Pierce and Stuart at Witham Field Airport (KSUA); San Francisco-area Hayward Executive Airport (KHWD); and Manassas Regional Airport (KHEF) in Northern Virginia. The company also owns and operates 65,000 sq ft of aircraft hangars at Denver Centennial Airport (KAPA).

The new ownership said it will look to actively increase APP’s footprint and tapped former Signature Aviation CEO Mark Johnstone to lead the new business unit. “We will focus on our employees, customers, and safety as we build on the great work of the APP Jet Center team,” said Johnstone. “Looking ahead, we plan to thoughtfully expand our presence in core markets and to support the long-term structural growth of private and business aviation.”

While the ground handling sector may be new territory for Bain, it has considerable exposure to the commercial aviation industry with holdings in companies specializing in aircraft refurbishment, maintenance, financing and leasing, and special-mission modification and operation, as well as private lift providers Solairus Aviation and Wheels Up.

“APP Jet Center is a strong starting point for our FBO strategy, as the business operates at attractive, capacity-constrained airports and has built long-standing relationships with airport authorities and customers,” explained Chris Leddy, a managing director with Bain Capital Real Estate. “We see an opportunity to support the growth of the platform through continued investment in facilities, operations, and leadership, applying the same disciplined, active ownership approach that has guided our work across other operationally intensive real estate sectors.”