Modern Aviation to Acquire American Aero at Fort Worth Meacham International Airport

April 11, 2024 – Ft. Worth, TX. – Modern Aviation today announced that it has signed a definitive purchase agreement to acquire 100% of the membership interests in FW American Aero, LLC (“American Aero”) at Fort Worth Meacham International Airport (KFTW) from an affiliate of Keystone Group, L.P.

Modern Aviation CEO Mark Carmen stated, “We are excited to have American Aero join the Modern Aviation family and expand our presence to the high growth DFW area. American Aero has distinguished itself among FBOs by being the first in the world to earn a Stage 3 International Standard for Business Aircraft Handling (IS-BAH) safety and ground handling certificate. Safety is a critically important part of the Modern Aviation culture and all of our other locations have now achieved either a Stage 1 or 2 certificate.”

American Aero operates on a 31-acre FBO campus with 247,000 square feet of hangar and office space, and the largest open ramp on the field of more than 11 acres. American Aero’s 8,600-square-foot FBO was designed to maximize safety, efficiency, and comfort for flight crews and passengers. For the last six years, American Aero has been ranked in the annual Aviation International News FBO survey as one of the best FBOs in the world and the best FBO in Texas and the South-Central Region.

A Keystone Group representative stated, “We are proud to have built a world-class FBO in Fort Worth, Texas, over the last 12 years. We believe Modern Aviation is the perfect owner to continue the success and growth of American Aero. This is a great day for American Aero and Meacham International Airport.”

Mark Carmen added, “Adding American Aero to the Modern Aviation platform will enable us to continue expanding our network, benefitting our customers and employees. All of the employees of American Aero will remain with Modern Aviation post-acquisition. We look forward to welcoming our new colleagues and customers to the Modern Aviation family.”

The addition of American Aero will represent Modern’s first FBO in Texas and brings the Company’s FBO network to 17 locations in the U.S. and Puerto Rico.

Modern Aviation expects the transaction to close in the current calendar quarter.

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean.
For more information visit: https://modern‐aviation.com

About Keystone Group
Keystone Group, LP is a private investment firm for multiple generations of a high net worth family based in Fort Worth, Texas. Since its founding in 1985, Keystone has invested in numerous businesses and partnerships in and outside of the energy industry, and today its management team oversees a global portfolio of diverse assets.

Contact:
Modern Aviation, Emmanuel Yapo: eyapo@modern-aviation.com
Keystone Group, Marc Epstein: mepstein@akingump.com

Modern Aviation Partners with SANDOW Brand, MEDIAJET as Exclusive Magazine Distributor in US FBOs

March 27, 2024 – New York, NY. – Modern Aviation and MediaJet (A SANDOW Company) have agreed to a 4-year exclusive magazine distribution partnership. MediaJet will provide dedicated magazine display stands and luxury magazines to Modern Aviation’s Fixed-Based-Operators (FBO).

Modern Aviation, a leading FBO owner and operator founded in 2018, operates 16 FBOS with bases across nine states including California, Colorado, Connecticut, Iowa, Maine, New York, North Carolina, Vermont, and Washington and San Juan, Puerto Rico.

MediaJet, the amenity and distribution arm of SANDOW, provides luxury magazines to private jet travelers. The Modern Aviation partnership elevates their network to more than 260 FBOs.

“We’re incredibly excited that Modern Aviation has joined our distribution program,” Eric Hopkins, Executive Vice President of MediaJet said, “partnering with this group was a key initiative for us this year and we’re looking forward to providing our services to their passenger and pilots.”

“The MediaJet program has evolved into an industry standard over the years, “Mark Carmen, CEO of Modern Aviation, stated, “We’ve had their display at our Denver FBO for a few years, and our customers enjoy reading their magazines, whether it’s in the FBO or on the aircraft itself. Partnering with MediaJet for all our FBOs allows us to maintain consistency throughout our entire network.”

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean.
For more information visit: https://modern‐aviation.com

About MediaJet
MediaJet (A SANDOW Company) is a unique marketing platform developed to reach the world’s wealthiest consumers—private jet travelers. Just prior to boarding, passengers can select high-quality publications from MediaJet display stands. Located in more than 260 private airports across North America MediaJet brings high-end magazines and publications to a captive audience.
For more information visit: https://sandow.com/brands/mediajet/

Modern Aviation Acquires Puerto Rico FBO at Isla Grande Airport in San Juan PR

February 1, 2024 – New York, NY. – Modern Aviation announced that is has closed the acquisition of Puerto Rico FBO LLC at Fernando Luis Ribas Dominicci Airport (Isla Grande Airport/TJIG) in San Juan, Puerto Rico from the owners of Benitez Aviation and its affiliates. Benitez Aviation will continue to operate its aircraft management and Part 135 charter business at the airport and will be one of Modern’s largest customers in the region.

Modern Aviation CEO Mark Carmen stated, “We are excited to continue growing our presence in San Juan and our investment at TJIG where we have several exciting development projects underway. We have been impressed by the business Benitez Aviation has built here and look forward to supporting their continued growth by providing the world class service and safety that Modern offers.”

Puerto Rico FBO offers approximately 40,000 square feet of hangar and office space at TJIG, where Modern Aviation has completed the first of two additional hangars with an aggregate footprint of approximately 48,000 square feet. The second hangar is expected to be completed before the end of the first quarter.

Carlos Benitez, CEO of Benitez Aviation said, “We are pleased to partner with Modern Aviation, a preeminent provider of FBO services, as we can continue to focus on growing our aircraft management business. We know Modern will be a great home for our Puerto Rico FBO employees and hangar customers.”

Mark Carmen added, “This acquisition will enable us to more efficiently provide services to customers at TJIG by adding significant hangar and office infrastructure to our current offerings. We are pleased to welcome the employees and customers of Puerto Rico FBO to Modern Aviation.”

Puerto Rico FBO will be consolidated into Modern’s current operations and will operate under the Modern Aviation brand.

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit: https://modern‐aviation.com

About Benitez Aviation:
Benitez Aviation is the preeminent Aircraft Management company in Puerto Rico based out of Isla Grande Airport (TJIG). They provide operational support for aircraft owners of private jets and helicopters, with the most sophisticated services in the market.

Contact
Emmanuel Yapo: eyapo@modern‐aviation.com
Carlos Benitez: carlos.benitez@benitezaviation.com

Modern Aviation Breaks Ground on Hangar Development at Republic Airport in Farmingdale, NY

November 16, 2023 – Farmingdale, NY. – Modern Aviation broke ground on two new hangars in its most recent development project at Republic Airport in Farmingdale, NY. A groundbreaking ceremony for the development project took place on the morning of November 15, 2023.

The project encompasses the construction of two hangars on Modern Aviation’s Breslau parcel at Republic Airport, totaling over 81,000 SF including 71,200 SF of hangar space and 10,100 SF of office space. The hangars will be equipped with 28-foot-high doors capable of accommodating today’s largest business jets. The first hangar, equaling 35,100 SF, is fully leased out on an exclusive basis to one customer and is expected to be completed in August 2024. The second hangar, totaling 46,200 SF, is comprised of two separate bays of (a) 20,000 SF of hangar and 4,200 SF of office which is fully leased out on an exclusive basis to one customer, and (b) 20,000 SF of hangar and 2,000 SF of office, which is still available as of today. The second hangar is expected to be From left to right: Manuel Moran-Mendoza, Republic Airport Operations Director; Victor Cerami, Republic Airport Maintenance Manager; Anthony Ceglio, Republic Airport Director; Stella Barbera, Republic Airport Commission Member; Mark Carmen, President and CEO of Modern Aviation; Emmanuel Yapo, EVP – Strategy and Corporate Development of Modern Aviation; Aleem Mohammed; General Manager of Modern Aviation FRG; Michael Clow, Republic Airport Assistant Manager.
completed in November 2024. The development cost of both hangars is expected to exceed $27 million.

Both hangars were designed with sustainability in mind. Some of the sustainable features included in the buildings are energy efficient/occupancy censored lighting and mechanical systems, building insulation that exceed code requirements, and the use of recycled materials.

Modern Aviation’s CEO Mark Carmen, said, “We are very excited to begin the construction of our first hangars at Republic Airport since our acquisition last year. This project will vastly increase our presence on the field while also adding to the numerous advantages that Republic Airport offers to customers. We have capacity to develop more hangars at Republic and look forward to partnering with the airport authority and NYSDOT to pursue these additional hangar development projects in the future.”

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit: https://modern‐aviation.com

Contact
Emmanuel Yapo
Executive Vice President
Modern Aviation
eyapo@modern‐aviation.com

Apollo Infrastructure Funds Acquire Majority Stake in Modern Aviation

Tiger Infrastructure Partners and Modern Aviation Management to
Reinvest as Part of Transaction

November 2, 2023 – New York, NY. – Apollo (NYSE: APO), Tiger Infrastructure Partners (“Tiger”) and Modern Aviation (the “Company” or “Modern”) today announced that they have entered into a definitive agreement for Apollo‐managed infrastructure funds (the “Apollo Funds”) to acquire a majority stake in Modern Aviation, a fixed base operator (FBO) platform serving business and general aviation, as well as commercial, cargo and military aircraft at airports across North America. Tiger Infrastructure Partners, 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.

Founded in 2018, Modern Aviation has grown to become one of the preeminent national networks of premium FBO properties. The Company, led by CEO Mark Carmen and a highly experienced management team, operates a strategically curated portfolio of 16 sites today and serves a diversified customer base across various aviation segments.

Apollo Partner Dave Cohen said, “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.”

Modern Aviation CEO Mark Carmen said, “We are thrilled to be partnering with the Apollo team and we appreciate Tiger’s continued support as they have 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.”

Tiger Senior Managing Director Adam Emmert said: “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 Modern platform. It has been rewarding for us to help Modern grow from a small team with a single location into one of the leaders in the U.S. 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.”

The acquisition will be the latest investment for Apollo’s growing infrastructure franchise, which brings the scale, expertise and capital markets capabilities of Apollo’s investment platform to the middle market.  The team focuses on mid‐market businesses and assets, and key investment themes include the global energy transition, digital infrastructure, global supply chain and sustainable living. Across its platform, Apollo Funds and affiliated entities have deployed more than $12 billion into aviation industry investments.

The transaction is subject to customary closing conditions, including certain regulatory approvals, and is expected to close by year‐end. Financial terms were not disclosed.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Winston & Strawn LLP and Lowenstein Sandler LLP acted as legal counsel and Harris Williams served as financial advisor to Tiger and Modern Aviation.

About Apollo
Apollo is a high‐growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk‐reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2023, Apollo had approximately $631 billion of assets under management. To learn more, please visit www.apollo.com.

About Tiger Infrastructure Partners
Tiger Infrastructure Partners is an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies. Tiger’s value‐add approach targets growth investments across the Digital Infrastructure, Energy Transition and Transportation sectors in North America and Europe, where Tiger believes strong tailwinds are driving demand for new infrastructure. Tiger maintains offices in New York and London. For more information, visit www.tigerinfrastructure.com.

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit: https://modern‐aviation.com

Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822‐0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822‐0491
Communications@apollo.com

Tiger Infrastructure Partners Contacts
Nyssa Kourakos
NK Strategies
nyssa@nkstrategies.com

Modern Aviation Contacts
Emmanuel Yapo
Executive Vice President
Modern Aviation
eyapo@modern‐aviation.com