Private equity interest in FBO market grows as Bain Capital buys APP Jet Center
Private investment firm Bain Capital has entered the US fixed-base operator market with the acquisition of APP Jet Center, marking its first direct move into the aviation services infrastructure sector.
Bain Capital said it acquired the five-location FBO platform from Ridgewood Infrastructure. Financial terms were not disclosed. Former Signature Aviation CEO Mark Johnstone will lead the business.
APP Jet Center operates at five airports across the United States, serving business and general aviation customers at Opa-locka Executive Airport in South Florida, Washington Dulles International Airport, Centennial Airport near Denver, and two locations in California’s San Francisco Bay Area, including San Jose Mineta International Airport. The company provides aircraft fueling, hangar facilities, and aviation office space, with an emphasis on long-term airport partnerships and operations at capacity-constrained airports where new development is limited.
The private equity firm said it plans to use APP Jet Center as a foundation for a broader FBO platform, with an emphasis on selective expansion and investment in facilities, operations, and leadership.
“APP Jet Center is a strong starting point for our FBO strategy, as the business operates at attractive, capacity-constrained airports and has built long-standing relationships with airport authorities and customers,” said Chris Leddy, a managing director at Bain Capital Real Estate. He said the firm sees opportunities to grow the platform through “disciplined, active ownership.”
The move comes as private equity interest in the FBO sector continues to rise, driven by sustained business aviation activity, aging aircraft fleets that require modern hangar infrastructure, and airports that increasingly restrict new FBO development. Those dynamics have made established FBO assets more valuable and harder to replicate.
Johnstone said the new ownership group intends to focus first on strengthening the existing network before expanding into additional markets.
“We will focus on our employees, customers, and safety as we build on the great work of the APP Jet Center team,” he said. “Looking ahead, we plan to thoughtfully expand our presence in core markets and support the long-term growth of private and business aviation.”
Bain Capital, founded in 1984, is one of the world’s largest private investment firms, with approximately $215 billion in assets under management. The firm invests across private equity, credit, real assets, venture capital, and special situations, and has a long history in aviation-related sectors including aircraft leasing, aviation services, and transportation-adjacent businesses.
The APP Jet Center acquisition adds FBO operations to that portfolio and reflects Bain Capital’s view that aviation services infrastructure can generate durable returns across market cycles. The firm said demand for private and business aviation remains supported by long-term flight activity trends and operational constraints at major airports.
Ridgewood Infrastructure, the seller, focuses on lower middle-market infrastructure investments across transportation, utilities, water, and energy transition assets. The post Private equity interest in FBO market grows as Bain Capital buys APP Jet Center appeared first on AeroTime.
Private investment firm Bain Capital has entered the US fixed-base operator market with the acquisition of APP Jet…
The post Private equity interest in FBO market grows as Bain Capital buys APP Jet Center appeared first on AeroTime.
