Apollo Funds Buys Atlantic Aviation Stake
Apollo Funds buys a major stake in Atlantic Aviation from KKR, valuing the FBO network at nearly $10 billion. KKR will remain a significant shareholder.
Apollo Funds has purchased a major stake in Atlantic Aviation from private equity firm KKR. The transaction, announced on August 31, 2026, values one of the world's largest fixed-base operator networks at nearly $10 billion.
KKR will remain a substantial shareholder following the deal. Financial terms of Apollo's specific investment were not disclosed.
A Rapidly Expanding Network
The deal arrives five years after KKR itself acquired Atlantic Aviation. That 2021 purchase from Macquarie Infrastructure was valued at nearly $4.5 billion. At that time, Atlantic operated 69 FBO locations across the United States.
According to Apollo, the network has since grown to 105 locations. More than 30 of these have been added through acquisitions. The company provides fuel, hangar space, aircraft handling, and other essential services to business and private aircraft operators.
The near $10 billion valuation represents a dramatic increase. It is more than twice the price KKR paid in 2021. Apollo attributes this to Atlantic's physical expansion and the continued strength of the private aviation market.
Strategic Footprint and Future Plans
Apollo stated it sees further opportunities to grow Atlantic's network. It also plans to invest in the company's existing locations. Apollo Partner David Cohen highlighted the strategic value of Atlantic's assets.
"Atlantic has built an irreplaceable infrastructure footprint across the nation's busiest airports," Cohen said. He cited long-term concession agreements and a customer base focused on reliability and service.
Cohen added that Apollo expects the current private aviation boom to continue. The firm plans to collaborate with Atlantic and KKR on additional investment and expansion initiatives. Atlantic CEO Jeff Foland will continue to lead the company.
Market Position and Recent Projects
Atlantic is one of two dominant FBO chains at the upper end of the US business aviation ground-services market. Its main competitor is Signature Aviation.
The company's recent growth includes new and upgraded facilities at several major business aviation airports. For instance, in August, Atlantic began work on a second FBO at Nashville International Airport (BNA). This new facility will supplement its existing location there.
The Apollo investment had been anticipated for several months. Market observers noted KKR was exploring options to reduce its ownership position in Atlantic. The transaction formalizes that shift in capital structure.
Atlantic's expansion from 69 to 105 locations shows the scale of its operations. The table below summarizes the key figures related to the company's growth and valuation.
| Metric | 2021 (KKR Acquisition) | 2026 (Apollo Stake Purchase) |
|---|---|---|
| Owner | KKR | Apollo (major stake), KKR (substantial shareholder) |
| Purchase/Valuation | Nearly $4.5 billion | Nearly $10 billion |
| FBO Locations | 69 | 105 |
| Locations Added via Acquisition | Not specified | More than 30 |
The deal highlights sustained investor confidence in the infrastructure supporting private aviation. It secures capital for Atlantic's next phase of development.
