Manhattan-based Modern Aviation has agreed to acquire Sheltair’s five New York fixed-based operations at LaGuardia, JFK, Republic, MacArthur and Gabreski airports.
Terms of the deal were not disclosed and the sale is pending, awaiting the required review and approval of government agencies.
Founded in 2017, Modern Aviation is a growing FBO network that has been funded by Tiger Infrastructure Partners. The company has airport facilities in Seattle, Denver and Wilmington, N.C.
Fort Lauderdale, Fla.-based Sheltair was founded in 1963 by Jerry Holland, father of current Sheltair President Lisa Holland. The company is the nation’s largest privately-owned aviation network, operating 19 FBOs and a portfolio of over 4.5 million square feet of aviation-related properties across the country.
Sheltair had recently undertaken a $55 million expansion at Republic Airport in Farmingdale and had completed four of the planned eight new hangars in the project. The 41-acre project included supporting infrastructure that added utilities, roadways, ramps, taxiways and drainage systems.
The company services more than 200 private and corporate tenants at area airports – including 55 at Republic – some of which own as many as 15 aircraft and ranging in size from a single-engine Cessna to a Gulfstream 650.
“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,” Lisa Holland said in a company statement. “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.”
Modern Aviation CEO Mark Carmen said his company was founded 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,” Carmen said in the statement. “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.”
Sheltair and Modern expect the transaction to close before the end of the year.