Story ID: 
New FBO Company Makes First Acquisition
By: Curt Epstein
Caption: Modern Aviation, backed by private equity fund Tiger Infrastructure Partners, has made its first splash in the FBO market, buying Air Wilmington.
Word Count: 216
Modern Aviation, a new FBO company, has launched with its first acquisition: Air Wilmington, the lone service provider at North Carolina’s Wilmington International Airport. The location, which features an 8,400-sq-ft terminal and more than 100,000 sq ft of hangar space, had been owned by current president and CEO Bill Cherry and his family for the past four decades. The airport board gave its approval of the sale on February 7, and the facility is expected to retain its name and staff.

“We look forward to continuing Air Wilmington’s legacy of exceptional customer service, quality, and safety, strong relationship with the airport, and active involvement in the community,” said Modern Aviation CEO and co-founder Mark Carmen. He stated that his company’s goal is to “build a national network of premier FBO properties characterized by excellent facilities and outstanding service,” and he has added Emmanuel Yapo, previously director of corporate development with Atlantic Aviation, to his staff.

Modern is supported by Tiger Infrastructure Partners, a middle-market, growth-oriented private equity fund. “We are very excited to back Mark and his team at Modern Aviation with our capital and work with them as they seek to build a major new FBO platform company,” said Tiger founder, CEO and managing partner Emil Henry, Jr.