Modern Aviation agrees to acquire Superior Aviation
Company’s Three Sacramento, CA FBOs

May 13, 2022 – New York, NY.- Modern Aviation today announced it has executed a definitive agreement to acquire Superior Aviation Company’s (“SACjet”) three Sacramento, CA FBO operations from Sacramento International Jet Center Incorporated (operating as Capitol Jet Center) at Sacramento International Airport, Mather Jet Center, Inc. (operating as Mather Jet Center) at Mather Airport, and Patterson Aviation Company (operating as Executive Jet Center) at Sacramento Executive Airport.

Modern Aviation’s CEO, Mark Carmen, said, “We founded Modern Aviation to develop a national network of FBOs. The opportunity to acquire SACjet’s three Sacramento FBOs and build upon their well-deserved reputation for client service is another important milestone in executing our strategy. SACjet has a world class staff of professionals at these airports where customers receive world class service every day. Modern intends to hire all of SACjet’s current operational employees. One of the benefits of our consolidation strategy is that it creates more career growth opportunities for our team members and more touchpoints for our customers.”

Mr. Carmen added, “As the capital of California, Sacramento is a highly attractive, growing general aviation market, and these FBOs provide world class service to a wide range of customers, including general aviation, business aviation, sports team and other VIP charters, military, cargo and commercial airlines. We look forward to continuing to provide industry best practices in customer service and safety to benefit all stakeholders of the Sacramento FBOs. Similar to our other locations, we look forward to developing a strong relationship with the Sacramento County Airport System.”

Since their first acquisition in early 2018, Modern has grown to nine locations today, which includes two locations in NY pending airport approval. The three Sacramento FBOs will bring Modern to twelve locations.

“Over the last 25 years, SACjet has continually invested in our people, our community and our facilities here in Sacramento. We assembled a seasoned and dedicated team who have maintained a track record of delivering exceptional customer service.” said SACjet founder and CEO, Scott Powell. “Modern Aviation is well positioned to build on our success and further develop the leaseholds to reach their full potential. I’m confident that Modern will provide a great home for the team and our loyal customer base.”

Modern expects the acquisition to close in the second quarter or early in the third quarter 2022 following the review and approval of appropriate government agencies.

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 has secured the backing of the growth-oriented infrastructure private equity fund, Tiger Infrastructure Partners. 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 Superior Aviation Company

Superior Aviation Company traces its roots back 78 years to when Patterson Aviation Company opened operations at Sacramento Executive Airport. Since 1998, under Scott Powell’s leadership, the company expanded to 3 FBO locations to become the largest independent FBO chain in California.

Contact:
Modern Aviation, Emmanuel Yapo eyapo@modern-aviation.com
Superior Aviation Company, Joe Hansen joe@sacjet.com

Modern Aviation Closes the Acquisition of FBO assets from
Sheltair Aviation at Long Island MacArthur Airport

March 4, 2022 – New York, NY.- Modern Aviation today announced it has closed the acquisition of the FBO assets and operations at Long Island MacArthur Airport from Sheltair Aviation, the nation’s largest privately-owned aviation network. Modern Aviation’s CEO, Mark Carmen, said, “We are excited to be closing on our third acquisition in New York. On behalf of our whole team, I would like to extend a warm welcome to our new teammates and customers to the Modern Aviation family.”

Modern Aviation has offered to hire all the local Sheltair employees during the transition. Carmen continued, “We believe that  increasing our presence in New York will allow us to better serve our customers in the Northeast. Adding a base at Long Island MacArthur Airport is a major step in our strategy to continue growing our platform in attractive markets. We are very excited to work with the Town of Islip and its Supervisor, Angie Carpenter, and Airport Commissioner, Shelly LaRose-Arken, to provide our world class customer service and safety standards to all customers.”

Lisa Holland, President of Sheltair, stated, “The aviation community should have every confidence in Modern Aviation and their ability to meet the needs of this dynamic and vital airport as they will be hiring our Sheltair employees who daily report to Long Island MacArthur.  Accordingly, we wish to publicly thank the Town of Islip who have worked closely with us to ensure a seamless transfer of our operations.”

The other Sheltair properties under contract, Westhampton, and Republic/Farmingdale, are expected to close in the coming weeks.

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 has secured the backing of the growth-oriented infrastructure private equity fund, Tiger Infrastructure Partners. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit modern-aviation.

Contacts:
Modern Aviation, Emmanuel Yapo, eyapo@modern-aviation.com

Modern Aviation Closes the Acquisition of FBO assets from
Sheltair Aviation at JFK and LaGuardia Airports

February 8, 2022.- New York, NY. – Modern Aviation today announced it has closed the acquisition of the FBO assets and operations at JFK International Airport and LaGuardia Airport from Sheltair Aviation, the nation’s largest privately-owned aviation network.

Sheltair’s President Lisa Holland, stated, “We are enormously proud of Sheltair’s dedicated New York team and our corporate legacy serving these landmark airports. We have every confidence in Modern Aviation, their team of professionals, and their ability to meet the needs of this demanding market. As we anticipate a smooth and coordinated transition in the days ahead, it is important to pay tribute to the Port of Authority of New York and New Jersey. They are consummate aviation professionals and we are deeply appreciative of their efforts and guidance.”

Modern Aviation’s CEO, Mark Carmen, said, “We are very happy to close on the acquisitions today and look forward to welcoming our new teammates to Modern and our customers to our new locations at JFK and LGA. Our JFK and LaGuardia customers will find familiar faces when they taxi up to our FBOs as we have hired all of Sheltair’s New York employees, for they have demonstrated excellence with every arrival and departure. We look forward to the beginning of a long and mutually beneficial relationship with the Port Authority of New York and New Jersey. We are excited to be operating at these premier New York City airports and providing
world class customer service and safety to all of our customers.”

The other Sheltair properties under contract, Westhampton, Republic/Farmingdale, and Long Island MacArthur Airports, are expected to close later this 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 has secured the backing of the growth-oriented infrastructure private equity fund, Tiger Infrastructure Partners. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit modern-aviation.com.

Contact:
Modern Aviation, Emmanuel Yapo, eyapo@modern-aviation.com

Modern Aviation Closes Acquisition of FBO in San Juan, Puerto Rico
Formerly Operated as Million Air San Juan

December 16, 2021 – New York, NY – Modern Aviation today announced it has closed the acquisition of Hill Aviation LLC, which includes FBO and MRO operations at Fernando Luis Ribas Dominicci Airport (Isla Grande Airport/TJIG) in San Juan, Puerto Rico and a satellite FBO operation at Jose Aponte de la Torre Airport (TJRV) in Ceiba, Puerto Rico, from Tommy Hill and VRM Companies. The San Juan and Ceiba locations will be rebranded Modern Aviation Puerto Rico. Propilot’s aircraft management and charter business will remain based at Isla Grande Airport. Hill Aviation operates the sole FBO at Isla Grande Airport where it offers more than 91,000 square feet of hangar space and office space and has a long history of providing excellent customer service. Modern’s CEO Mark Carmen, stated, “We are very excited about closing the acquisition of Hill Aviation, our second acquisition this year. Isla Grande Airport is a high growth location that offers significant advantages compared to other regional airports: the FBO’s location offers quicker access to/from the main roads in San Juan; and customers can directly access their aircraft on the ramp unlike at comparable airports in San Juan.”

Carmen added, “San Juan is a highly attractive, growing general aviation market, and we plan to further develop Hill Aviation’s leasehold by building additional hangars. Additionally, we look forward to providing industry best practices through Hill Aviation’s team of dedicated employees to benefit all stakeholders at Isla Grande Airport.” Modern Aviation has distinguished itself in the marketplace by delivering world class customer service, extraordinary quality, and a commitment to safety. Modern enjoys an excellent reputation as a strong partner to the airport authorities at each of its locations and is pursuing a growth strategy of investing in its existing locations and acquiring new premium FBO locations.

“Hill Aviation, which has been operating at Isla Grande Airport for more than 30 years, has delivered outstanding customer service through our exceptional team of employees,” said Hill Aviation CEO Tommy Hill. “Modern Aviation is well positioned to build on our success at Isla Grande and to further develop the business to reach its full potential. I look forward to working

with Modern Aviation to continue to provide a base of operation for our Propilot business and customers. We are confident that Modern will provide a great home for our Hill Aviation team members and our loyal customers.”

“We are pleased to have been a part of such a successful growth story, and we are proud of and grateful to Tommy and the team for being great partners in delivering this outcome” said Carlos Penzini, VRM Companies Private Equity Managing Partner.

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 has secured the backing of the growth-oriented infrastructure private equity fund, Tiger Infrastructure Partners. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit modern-aviation.com.

About Hill Aviation/Propilot
Hill Aviation operates the sole FBO at Fernando Luis Ribas Dominicci Airport (also known as Isla Grande Airport and TJIG) in San Juan, Puerto Rico and a MRO operation. Hill Aviation also operates a satellite FBO at Jose Aponte De La Torre Airport (Ceiba Airport, code: TJRV), which is located on the East coast of Puerto Rico and has an 11,000-foot runway.

Propilot owns and operates a Part 135 aircraft management/charter business based at Isla Grande Airport.

About VRM Companies
VRM Companies is a real estate and private equity conglomerate with over 45 years of operationally focused experience. VRM Companies owns and manages a diversified private equity portfolio of companies that includes mortgage banking, real estate development, consumer products, consumer services, outdoor advertising, satellite manufacturing, and renewable energy. For more information visit vrmcompanies.com

Contacts:
Modern Aviation, Emmanuel Yapo, eyapo@modern-aviation.com
Million Air, Puerto Rico, tommy@propilot.pr

Modern to Consolidate FBOs on the Centennial InterPort Project Upon  the Expiration of Signature Flight Support’s Operating Agreement

November 2, 2021 – Centennial, CO and New York, NY – Modern Aviation today announced it has closed the acquisition of certain leasehold improvements from The SunBorne Companies at Centennial Airport. The leasehold improvements include a 62,000 square foot, three story office building at 8001 InterPort Boulevard, which houses several tenants as well asthe Signature Flight Support FBO Terminal at Centennial Airport, and a 38,000 square feet hangar complex at 8123 InterPort Boulevard, primarily leased by Signature for its FBO operation. The acquisition also includes a ground sublease on 318,652 square feet of land underlying the properties mentioned above and parking and other areas.

Also, as part of the acquisition, Modern Aviation will take over the FBO currently operated by Signature Flight Support at the expiration or earlier termination of its current operating agreement. This would enable Modern Aviation to consolidate the entire south side of Centennial Airport under Modern Aviation’s FBO operation and give Modern the largest FBO footprint at Centennial airport.

Modern’s CEO Mark Carmen, stated, “We are very excited about acquiring these properties. Centennial Airport is a top three general aviation airport (based on general aviation aircraft operations) that is expecting to continue to grow well into the future. This transaction enables Modern to increase its footprint in the near term, adding significant rental income to its current operations. But we are most excited about the longer-term opportunity to expand our FBO operation by consolidating the two current FBOs at Centennial InterPort, SunBorne’s 100+ acre aviation development at Centennial Airport.”

Carmen added, “We’ve been seeking opportunities to grow our operation at Centennial Airport since our original FBO acquisition there in November 2018. In September, we passed an important milestone in our growth plan when we broke ground on our expansion project to add 52,000 square feet of hangar space, 4,000 square feet of attached office space, a 7,000 square foot new FBO terminal and 135,000 square feet of new ramp. This will enable Modern Aviation to leverage our outstanding reputation at Centennial for customer service and safety as illustrated by our consistent ranking as the best FBO in Denver and a top 10% FBO nationally by the Aviation International News Annual FBO Survey.”

Bret Packard, Sunborne’s Manager, said, “SunBorne is excited to be a part of Modern Aviation’s investment and expansion at Centennial InterPort. It became clear while we were working with the principals of Modern that we shared a similar vision and enthusiasm for this base. We look forward to an exciting 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 has secured the backing of the growth-oriented infrastructure private equity fund, Tiger Infrastructure Partners. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit modern-aviation.com

About The SunBorne Companies
The SunBorne Companies are family owned and principally managed by Bret and Tyler Packard. Over 25 years ago, the Packard Family’s long-standing involvement in master planned real estate development intersected with their passion for aviation. The result was Centennial InterPortTM. Today, InterPort sets the standard for efficiency, safety, service and aesthetics in aviation development. SunBorne continues to look for additional strategic locations to share their development and planning expertise with airports across the country. For more information visit www.centennialinterport.com.

Contacts:
Modern Aviation, Emmanuel Yapo, eyapo@modern-aviation.com
The SunBorne Companies, Tyler or Bret Packard, tpackard@sunborne.net; bpackard@sunborne.net