Bain Capital Enters Fixed-Base Operator Sector With Acquisition of APP Jet Center

Acquisition of five-location FBO platform from Ridgewood Infrastructure marks entry into aviation services infrastructure

BOSTON–(BUSINESS WIRE)–Bain Capital today announced its entry into the fixed-base operator (“FBO”) sector through the acquisition of APP Jet Center, a provider of aviation services at high-quality, supply-constrained airports in the United States. Mark Johnstone, the former CEO of Signature Aviation, will lead the business. Financial terms of the acquisition of APP Jet Center from Ridgewood Infrastructure were not disclosed.

APP Jet Center is a well-established FBO operator with a portfolio of five locations across the U.S., serving business and general aviation customers in markets including South Florida, the Washington, D.C. region, the San Francisco Bay Area, and Denver. The platform provides a full suite of aviation real estate and related services, including aircraft hangar space and fueling. Bain Capital will look to actively expand APP’s footprint with additional high-quality assets serving supply-constrained markets.

Demand for private and business aviation services has been supported by long-term growth in flight activity, modernized aircraft that require modern hangar infrastructure, and airport environments that limit new development. These dynamics, combined with the more operational nature of the business, make FBOs well suited to Bain Capital’s thematic, value-add investment approach.

“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. “We see an opportunity to support the growth of the platform through continued investment in facilities, operations, and leadership, applying the same disciplined, active ownership approach that has guided our work across other operationally intensive real estate sectors.”

Mr. Johnstone and his team of highly experienced aviation professionals, will focus on enhancing the platform’s operations and selectively expanding its footprint in attractive markets, while investing across the existing network to meet the growing demand for aircraft hangar storage.

“I am truly excited by the acquisition of APP Jet Center and see this as a tremendous foundation for our new FBO journey,” said Mr. Johnstone. “We will focus on our employees, customers, and safety as we build on the great work of the APP Jet Center team. Looking ahead, we plan to thoughtfully expand our presence in core markets and to support the long-term structural growth of private and business aviation.”

The launch of the FBO platform builds on Bain Capital’s more than 40-year history of investing across the aviation industry, including aircraft leasing, aviation services, and transportation-adjacent businesses.

This investment reflects Bain Capital’s ability to bring together operational expertise and sector knowledge. “We continue to believe that aviation is a space that will benefit from outsized growth and can create durable value across market cycles,” added Matt Evans, a Partner at Bain Capital Special Situations.

DLA Piper, led by Drew Rosenberry and Neil K. Vohra, served as legal advisor to Bain Capital.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Ridgewood Infrastructure

Ridgewood Infrastructure is a leading infrastructure investor in the U.S. lower middle market with sectors of focus including Water, Energy Transition, Transportation, and Utilities. For more information, visit www.ridgewoodinfrastructure.com.

Contacts

Media:
Eddie de Sciora, Bain Capital
Edesciora@baincapital.com
617-352-3261