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

Operates as Million Air San Juan

October 27, 2021 – New York, NY – Modern Aviation today announced it has signed a definitive agreement to acquire 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. Propilot 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. The operation will be rebranded Modern Aviation after the acquisition closes.

Modern’s CEO Mark Carmen, stated, “We are very excited about acquiring Hill Aviation. Isla Grande Airport has been growing by attracting new based customers as it 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 hangar space and upgrading the FBO terminal to service growing demand in the market. 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.
Modern expects the transaction to close in the fourth quarter of 2021.

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 industryleading 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 Hill Aviation/Propilot
Hill Aviation is a Million Air franchisee who operates the sole FBO at Fernando Luis Ribas Dominicci Airport (also known as Isla Grande Airport and TJIG) in San Juan, Puerto Rico. Hill Aviation also owns and operates a Part 135 aircraft management/charter business and a Part 145 repair station.
Hill Aviation also operates a satellite FBO Jose at 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.

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 http://www.vrmcompanies.com

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

Agreement subject to government review and approval

October 18, 2021 – New York, NY  – Modern Aviation, a New York based company, today announced it has a definitive agreement with Sheltair Aviation, the nation’s largest privately-owned aviation network, to acquire the operations and facilities underlying Sheltair’s five New York FBOs following the review and approval of appropriate government agencies.

Sheltair’s President Lisa Holland, stated, “During the past year, we received an unsolicited overture from Modern Aviation that compelled us to review our role in New York at a time when we are significantly enlarging our national footprint in other parts of the country. Modern Aviation became an obvious and appropriate buyer given their corporate presence in New York, their track record of excellence at major airports elsewhere in the country, and their roster of respected professionals with extensive experience in the New York aviation community.”

As noted, the agreement is subject to review and approval of various government agencies.

The Sheltair properties under contract include those at LaGuardia, JFK, Westhampton, Republic/Farmingdale, and Long Island MacArthur Airports.

Ms. Holland stated, “Among our key considerations in determining how best to proceed was the fact that Modern Aviation reflects our corporate family’s values in how we strengthen, nurture, and support our employees’ careers as well as embracing strict performance standards at the airports we serve.”

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 the top ranked FBO in each of its major markets for customer service by the prestigious Aviation International News (“AIN”) Annual Survey.

Modern Aviation’s CEO, Mark Carmen, said, “We founded Modern Aviation to develop a national network of FBOs. The opportunity to acquire Sheltair’s five New York locations within our own New York footprint, and build upon their well-deserved reputation for client service is a significant milestone in executing our strategy. Sheltair has a world class staff of professionals at these airports where customers expect excellence with every arrival and departure. Modern intends to hire all of Sheltair’s current employees in the New York market as these are the people who developed that excellent reputation.”

Carmen added, “We are very excited to be in a position to take over Sheltair’s operations in New York, where we founded Modern and are based. We know the New York market is a highly attractive, growing general aviation market, and we plan to invest in additional infrastructure as we have continued to do in our other markets. This is an important step in the evolution and growth of Modern and we intend to continue to focus on providing world class customer service, outstanding quality and safety everywhere we operate.”
Sheltair and Modern expect the transaction to close in the fourth quarter of 2021.

About Sheltair
Sheltair is a family-owned company that enjoys a national reputation for its superior customer focus and service-driven corporate culture. Founded in 1963 by Jerry Holland, father of current Sheltair President Lisa Holland, it is the nation’s largest privately-owned aviation network, proudly operating 19 award-winning FBOs and a portfolio of over 4.5 million square feet of aviation-related properties across the country. https://sheltairaviation.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 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.

Contacts:

Sheltair, Todd Anderson tanderson@sheltairaviation.com

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

From left to right: Brian Holland, Director of Business Development at Mortenson; MacAdam Glin, General Manager of Mortenson/General Aviation Lead; Will Mace, Associate Commercial Broker for BA Group; Bret Packard, Manager of Sunborne; Tyler Packard, Manager of Sunborne; Mark Carmen, CEO of Modern Aviation; Robert Olislagers, Director of Centennial Airport; Mike Fronapfel, Director of Planning and Development for the Centennial Airport; John Parrino, VP of Operations for Modern Aviation; Dan Reinheimer, CFO of Modern Aviation; Emmanuel Yapo, Executive VP of Corporate Development of Modern Aviation; Kyle Quinn, General Manager of Modern Aviation-Denver

September 22, 2021 – Denver, CO   $20 million expansion will include two new hangars, an FBO terminal, office space and an expanded ramp totaling nearly 200,000 square feet at full build-out

Mortenson, a top-20 U.S. builder, developer, and engineering services provider with four decades of experience in Colorado, and Modern Aviation, a growing Fixed Base Operator (FBO) network, providing essential services to the general aviation community in Denver, Seattle and Wilmington, North Carolina, broke ground today on a new hangar complex at Centennial Airport in Centennial, Colorado.

“Mortenson has a long history of supporting the aviation and aerospace industries here in Colorado,” said Brian Holland, director of business development of Mortenson Denver. “As the Denver metro area continues to rise in prominence as an essential hub for business in the U.S., scaling our infrastructure to support continued growth is more important than ever. We are thrilled to be joining Modern Aviation in getting their vision for expanded general aviation capabilities at Centennial Airport off the ground.”

The new $20 million complex will feature a 7,000 square foot FBO terminal, two large hangars covering more than 52,000 square feet, 4,000 square feet of attached office space and 135,000 square feet for a new aircraft ramp area – more than doubling Modern Aviation’s footprint at Centennial Airport.

“Modern already has 7,500 square feet of FBO and office space and more than 50,000 square feet of hangar space at Centennial Airport, which continues to grow and is ranked as a top 10 general aviation airport in the U.S.” said Modern Aviation CEO, Mark Carmen. “We are excited to build upon Modern Aviation Denver’s consistent ranking as the best FBO in Denver and a top 10% FBO nationally by the Aviation International News Annual FBO Survey by adding a state-of-the-art FBO facility with additional hangar, office and ramp space to our existing infrastructure.”

Modern Aviation has recently completed development of two new hangars at its Seattle location, adding 64,500 square feet of hangar and 7,500 square feet of office space. In early September 2021, Modern also began a complete renovation of its FBO terminal there.

Mortenson is serving as the general contractor on the Denver project, partnering with Business Aviation Group as the project manager, Hauser Architects on structural design and Rice Fergus Miller for interior design. The new hangar complex is slated for completion in the fall of 2022.

To learn more about Mortenson’s aviation projects, please click here.

About Mortenson

Mortenson is a U.S.-based, top-20 builder, developer, and engineering services provider serving the commercial, institutional, and energy sectors. Mortenson’s expanding portfolio of integrated services helps its customers move their strategies forward, ensuring their investments result in high-performing assets. The result is a turnkey partner, fully invested in the business success of its customers.

Founded in 1954, Mortenson has operations across the U.S. with offices in Chicago, Denver, Fargo, Iowa City, Milwaukee, Minneapolis, Phoenix, Portland, Salt Lake City, San Antonio, Seattle, and Washington, D.C. For additional information, visit www.mortenson.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 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.

Media Contacts:

Media Contacts: Modern Aviation, Stacey Cherry, scherry@modern-aviation.com

Side Car PR, Sarah Cullen, sarah@sidecarpr.com