Apollo Funds Acquires Major Stake in Atlantic Aviation

U.S.-based private equity company KKR has sold what it described as “significant interest” in its Atlantic Aviation holdings to global asset manager Apollo Funds in a move that had been discussed for several months.

KKR acquired Atlantic—one of just two FBO mega-chains in the industry—from longtime owner Macquarie Infrastructure in 2021 for nearly $4.5 billion. At the time, the service provider had 69 locations in the U.S. Under KKR’s stewardship, it has since grown to more than 100. While KKR remains a substantial shareholder, the transaction values Atlantic Aviation at nearly $10 billion.

“This transaction is more than a milestone for Atlantic—it is a powerful validation of what our people have built together,” said Atlantic CEO Jeff Foland. “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.”

“Atlantic has built an irreplaceable 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,” said Apollo partner David Cohen, adding that his company believes the current private aviation boom will persist. “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.”