Key Takeaways
- • Apollo Global Management has acquired a significant stake in Atlantic Aviation from KKR, valuing the private aviation services business at nearly $10 billion, with both firms now functioning as co-investors in a strategic partnership.
- • KKR retains substantial ownership in Atlantic Aviation following the transaction, demonstrating confidence in the business model and suggesting a continuation rather than an exit for the original acquirer (which purchased the company in 2021).
- • Apollo partner David Cohen cited "structural tailwinds" in the private aviation market as a rationale for the investment, positioning Atlantic to capitalize on sustained demand growth in corporate and private aircraft services.
- • Atlantic Aviation operates as a fixed-base operator (FBO) providing critical infrastructure services including fueling, hangar leasing, and related support across multiple U.S. airfields, positioning it as a core holding in aviation services infrastructure.
- • The specific financial terms of Apollo's stake acquisition were not disclosed, leaving the precise ownership split and investment size undetermined by market participants.
Summary
Apollo Global Management has announced the acquisition of a significant interest in Atlantic Aviation from KKR in a transaction that values the fixed-base operator at nearly $10 billion. The deal, announced August 27, 2026, represents a co-investment strategy rather than a full exit for KKR, which originally acquired Atlantic Aviation in 2021. Both asset managers will jointly support the company's growth trajectory through their strategic partnership, with KKR retaining substantial shareholding in the business.
Atlantic Aviation operates as a leading provider of infrastructure and services for private and corporate aviation, including fueling operations and hangar leasing at airfields across the United States. The company's service offerings position it as a critical node in the private aviation supply chain. Apollo's entry into this investment reflects the firm's conviction in the sector's long-term growth drivers. David Cohen, a partner at Apollo, articulated the investment thesis: "The private aviation market has structural tailwinds that we believe will persist, and Atlantic is well positioned to capture that growth."
The co-investment structure between Apollo and KKR differs from typical sponsor-to-sponsor secondaries or control transitions. Both firms maintaining significant stakes suggests alignment on Atlantic's operational trajectory and market fundamentals. This approach allows KKR to realize partial liquidity while maintaining exposure to the asset's continued appreciation, while enabling Apollo to establish a platform position in a sector characterized by recurring revenue dynamics tied to infrastructure and service delivery.
Financial terms of the transaction, including the specific purchase price of Apollo's stake and the resulting ownership percentages, remain undisclosed. The absence of granular deal economics limits market participants' ability to assess the valuation multiple relative to Atlantic's revenue, EBITDA, or cash flow metrics. The $10 billion enterprise value anchor establishes the company's scale but does not clarify the incremental capital deployment by Apollo or the precise economic split between the two investors.
## ADDITIONAL CONTEXT
The private aviation sector has experienced heightened institutional investor interest, with infrastructure assets and recurring-revenue service businesses attracting capital from large alternative asset managers. Atlantic Aviation's positioning as an FBO operator provides exposure to utilization-driven demand from high-net-worth individuals and corporate flight departments, whose activity levels typically correlate with economic conditions and business investment cycles.
Atlantic Aviation operates as a leading provider of infrastructure and services for private and corporate aviation, including fueling operations and hangar leasing at airfields across the United States. The company's service offerings position it as a critical node in the private aviation supply chain. Apollo's entry into this investment reflects the firm's conviction in the sector's long-term growth drivers. David Cohen, a partner at Apollo, articulated the investment thesis: "The private aviation market has structural tailwinds that we believe will persist, and Atlantic is well positioned to capture that growth."
The co-investment structure between Apollo and KKR differs from typical sponsor-to-sponsor secondaries or control transitions. Both firms maintaining significant stakes suggests alignment on Atlantic's operational trajectory and market fundamentals. This approach allows KKR to realize partial liquidity while maintaining exposure to the asset's continued appreciation, while enabling Apollo to establish a platform position in a sector characterized by recurring revenue dynamics tied to infrastructure and service delivery.
Financial terms of the transaction, including the specific purchase price of Apollo's stake and the resulting ownership percentages, remain undisclosed. The absence of granular deal economics limits market participants' ability to assess the valuation multiple relative to Atlantic's revenue, EBITDA, or cash flow metrics. The $10 billion enterprise value anchor establishes the company's scale but does not clarify the incremental capital deployment by Apollo or the precise economic split between the two investors.
## ADDITIONAL CONTEXT
The private aviation sector has experienced heightened institutional investor interest, with infrastructure assets and recurring-revenue service businesses attracting capital from large alternative asset managers. Atlantic Aviation's positioning as an FBO operator provides exposure to utilization-driven demand from high-net-worth individuals and corporate flight departments, whose activity levels typically correlate with economic conditions and business investment cycles.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.