News

06/06/2024

Dickinson Williams advises on the sale of FW American Aero, LLC

Dickinson Williams & Company is pleased to announce that it served as the exclusive financial advisor to FW American Aero, LLC (“American Aero” or the “Company”), an affiliate of Keystone Group, L.P. (“Keystone Group”), in its sale to Modern Aviation, Inc. (“Modern Aviation”), a portfolio company of Apollo Global Management, Inc. (NYSE: APO) and Tiger Infrastructure Partners, L.P.

Established in 2012, American Aero is a fixed-base operator (“FBO”) at Fort Worth Meacham International Airport (KFTW) that has been consistently ranked in the top 5% of FBOs in the Americas since 2018. The Company’s operations are located on a 31-acre campus with more than 11 acres of ramp space, approximately 247,000 square feet of hangar and office space, and an 8,600 square foot terminal that was designed to maximize safety, efficiency, and comfort for flight crews and passengers.

“We are excited to have American Aero join the Modern Aviation family and expand our presence to the high growth Dallas-Fort Worth area,” said Mark Carmen, CEO of Modern Aviation. “American Aero has distinguished itself among FBOs by being the first in the world to earn a Stage 3 International Standard for Business Aircraft Handling (“IS-BAH”) safety and ground handling certificate. Adding American Aero to the Modern Aviation platform will enable us to continue expanding our network, benefitting our customers and employees.” The addition of American Aero will represent Modern’s first FBO in Texas and brings the company’s FBO network to 17 locations in the U.S. and Puerto Rico.

A Keystone Group representative stated, “We are proud to have built a world-class FBO in Fort Worth, Texas over the last 12 years. We believe Modern Aviation is the perfect owner to continue the success and growth of American Aero. This is a great day for American Aero and Meacham International Airport. Dickinson Williams was invaluable to us throughout the process. From helping to identify Modern Aviation as the preferred buyer to guiding us through the resulting negotiations and through closing, the team ensured that we reached a great outcome.  We are grateful to Harold and his team for their incredible support.”

“It was an honor to work with Keystone and the talented team at American Aero,” said Harold Williams, Managing Director at Dickinson Williams & Company. “Keystone’s investment in American Aero’s infrastructure and personnel led directly to the FBO’s impressive growth and continued industry accolades, positioning the Company well for its successful sale to Modern Aviation.”

Akin Gump Strauss Hauer & Feld, LLP served as legal counsel to American Aero and Keystone Group, and Winston & Strawn, LLP served as legal counsel to Modern Aviation for the transaction.

About Keystone Group:

Keystone Group is a private investment firm that integrates financial stewardship and strategic management to build and support sustainable businesses. The Keystone team oversees a global portfolio of diverse assets and maintains the highest standards of integrity to ensure long-term success for its partners.

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 is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean.

About Apollo Global Management:

Apollo Global Management is a high‐growth, global alternative asset manager. Apollo manages funds across various investment strategies, including private equity, credit, and real assets. The company invests across industries and focuses on generating strong risk-adjusted returns for its investors. As of December 31, 2023, Apollo had approximately $651 billion of assets under management.

About Tiger Infrastructure Partners:

Tiger Infrastructure Partners is an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies. Tiger’s value‐add approach targets growth investments across the digital infrastructure, energy transition, and transportation sectors in North America and Europe, where Tiger believes strong tailwinds are driving demand for new infrastructure. Tiger maintains offices in New York and London.

About Dickinson Williams & Company:

Dickinson Williams & Company is an independent investment banking firm led by industry veterans with over 80 years of combined investment banking, financing, and operating experience.  The firm provides objective, experience-based advisory services to lower middle market companies with enterprise values up to $150 million.  The firm provides sell-side, buy-side, private placement, recapitalization, and strategic advisory services to family and closely held businesses, corporations, and private equity investors, and has a broad cross-section of transaction and industry experience in the industrials, business services, distribution, healthcare, and consumer sectors.

John C. Dickinson
Managing Director
jdickinson@dickinsonwilliams.com
804.588.3412

James A. Gilmore
Managing Director
jgilmore@dickinsonwilliams.com
804.588.3414

Harold J. Williams III
Managing Director
hwilliams@dickinsonwilliams.com
804.588.3413