Key Takeaways
- • Bain Capital has established a new aviation finance platform, leveraging its $41 billion credit unit to expand lending and investment across commercial aircraft, fixed-base operations, and related aviation assets globally.
- • The firm acquired APP Jet Center, a five-location fixed-base operator (FBO) platform from Ridgewood Infrastructure, marking its entry into aviation services infrastructure at supply-constrained U.S. airports including South Florida, Washington D.C., San Francisco Bay Area, and Denver.
- • Mark Johnstone, former CEO of Signature Aviation, will lead APP Jet Center as Bain Capital pursues active expansion of the FBO footprint through acquisition of additional high-quality assets in capacity-constrained markets.
- • Bain Capital Credit has established multiple aviation finance structures, including partnerships with Griffin Global Asset Management for aircraft leasing, JB Aircraft Finance with Thomas Garbaccio and Brickell Asset Management, and a $1 billion senior secured warehouse facility arranged by Goldman Sachs.
- • The strategic entry capitalizes on structural demand drivers including long-term growth in private and business aviation activity, modernized aircraft requiring updated infrastructure, and airport environments with limited new development capacity.
Summary
Bain Capital has significantly expanded its presence in aviation finance and services through a coordinated strategy encompassing both credit facilities and operational asset acquisition. On January 27, 2026, the firm announced its entry into the fixed-base operator sector through the acquisition of APP Jet Center, a well-established FBO platform operated across five U.S. locations, from Ridgewood Infrastructure. The acquisition represents a shift toward operational, value-add investments in supply-constrained aviation markets and complements Bain Capital's existing credit platform activities.
APP Jet Center operates at premium locations including South Florida, the Washington D.C. region, San Francisco Bay Area, and Denver, providing comprehensive aviation services including aircraft hangar space, fueling, and related real estate infrastructure. Mark Johnstone, previously Chief Executive Officer of Signature Aviation, has been named to lead the business. Bain Capital has indicated an intention to actively expand APP's footprint through acquisition of additional high-quality assets in markets characterized by capacity constraints and limited new airport development.
The FBO acquisition reflects Bain Capital's broader expansion into aviation credit and asset finance. The firm's $41 billion credit unit has concurrently established multiple aviation-focused financing platforms, including partnerships with Griffin Global Asset Management to provide capital for aircraft acquisition and global leasing operations, the launch of JB Aircraft Finance in partnership with Thomas Garbaccio and Brickell Asset Management, and a $1 billion senior secured warehouse facility arranged by Goldman Sachs. These credit structures support dynamic amortizing debt platforms for mid-life commercial aircraft and freighter assets, positioning Bain Capital across the aviation asset spectrum from financing to operational infrastructure.
The strategic rationale centers on structural market tailwinds. Long-term growth in private and business aviation activity, combined with fleet modernization requiring contemporary hangar infrastructure and regulatory constraints on new airport development, creates persistent demand for FBO services and financing. This combination of secular growth and operational constraints aligns with Bain Capital's thematic investment approach and expected return profile in the aviation sector.
APP Jet Center operates at premium locations including South Florida, the Washington D.C. region, San Francisco Bay Area, and Denver, providing comprehensive aviation services including aircraft hangar space, fueling, and related real estate infrastructure. Mark Johnstone, previously Chief Executive Officer of Signature Aviation, has been named to lead the business. Bain Capital has indicated an intention to actively expand APP's footprint through acquisition of additional high-quality assets in markets characterized by capacity constraints and limited new airport development.
The FBO acquisition reflects Bain Capital's broader expansion into aviation credit and asset finance. The firm's $41 billion credit unit has concurrently established multiple aviation-focused financing platforms, including partnerships with Griffin Global Asset Management to provide capital for aircraft acquisition and global leasing operations, the launch of JB Aircraft Finance in partnership with Thomas Garbaccio and Brickell Asset Management, and a $1 billion senior secured warehouse facility arranged by Goldman Sachs. These credit structures support dynamic amortizing debt platforms for mid-life commercial aircraft and freighter assets, positioning Bain Capital across the aviation asset spectrum from financing to operational infrastructure.
The strategic rationale centers on structural market tailwinds. Long-term growth in private and business aviation activity, combined with fleet modernization requiring contemporary hangar infrastructure and regulatory constraints on new airport development, creates persistent demand for FBO services and financing. This combination of secular growth and operational constraints aligns with Bain Capital's thematic investment approach and expected return profile in the aviation sector.
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