Vermont Business Magazine Modern Aviation announced that it has signed a definitive purchase agreement to acquire Mystic Jet Center, LLC, which operates Mystic Jet Center at Groton-New London Airport in Groton, CT (KGON), Columbia Air Services-BHB, LLC, which operates Columbia Air Services at Hancock County-Bar Harbor Airport in Trenton, Maine (KBHB), and Columbia Air Services-RUT, LLC, which operates Columbia Air Services at Rutland Southern Vermont Regional Airport in Rutland, VT (KRUT) of their two owners. Modern Aviation expects the transaction to close in the fourth quarter of 2022. Financial terms were not disclosed.
Modern Aviation CEO Mark Carmen said, “We are excited to have the opportunity to continue to grow and expand our presence in the North East. their experienced and long-standing professionals.”
All employees of the three entities will remain with Modern Aviation after the acquisition. Together, the three operations will add more than 161,500 square feet of leasable hangar and office space to Modern Aviation’s portfolio.
KGON is located in the town of Groton, CT, near downtown New London and in the Mystic area, a popular tourist destination. KRUT is located near Vermont tourist destinations including Manchester, Brandon, Castleton, Killington and Okemo. KBHB is the closest airport to Bar Harbor, ME and Acadia National Park.
Mr. Carmen added, “These sites will bring our FBO network to 16 sites in the United States and Puerto Rico, up from just three sites twelve months ago. I am proud of our team’s ability to seamlessly integrate all of these acquisitions and all of our new colleagues into the modern aviation family and culture.”
About modern aviation:
Modern Aviation is a growing company that is building a nationwide network of premium FBO properties. Modern Aviation’s strategy is to acquire and grow FBO operations in growing markets and focus on providing exceptional service, extraordinary quality and industry-leading safety. . Modern Aviation is backed by growth-oriented infrastructure private equity fund, Tiger Infrastructure Partners. Modern Aviation is actively engaged in pursuing additional FBO acquisitions and development opportunities in North America and the Caribbean. For more information visit: https://modern-aviation.com
NEW YORK, Oct. 13, 2022 /PRNewswire/ — modern aviation
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