Apollo Funds has acquired a major stake in Atlantic Aviation from private equity firm KKR in a deal that values one of the world’s largest fixed-base operator (FBO) networks at nearly $10 billion.
KKR will remain a substantial shareholder in Atlantic following the transaction, the companies announced on August 31, 2026. Financial terms of Apollo’s investment were not disclosed.
The deal comes five years after KKR acquired Atlantic Aviation from Macquarie Infrastructure for nearly $4.5 billion in 2021. At the time, Atlantic operated 69 FBO locations in the United States.
Atlantic has since expanded to 105 locations, more than 30 of which have been added through acquisitions, according to Apollo. The company provides fuel, hangar space, aircraft handling and other services to business and private aircraft operators.
The nearly $10 billion valuation is more than twice the price KKR paid for Atlantic in 2021, reflecting both the company’s expansion and continued strength in the private aviation market.
Apollo said it sees further opportunities to expand Atlantic’s network and invest in its existing locations.
“Atlantic has built an irreplaceable infrastructure footprint across the nation’s busiest airports, underpinned by long-term concession agreements and a customer base that values reliability and service above all else,” Apollo Partner David Cohen said.
Cohen said Apollo expects the current private aviation boom to continue and plans to work with Atlantic and KKR on additional investment and expansion.
Atlantic is one of two major FBO chains that dominate the upper end of the US business aviation ground-services market, alongside Signature Aviation.
The company’s recent expansion includes new and upgraded facilities at several major business aviation airports. Atlantic began work in August on a second FBO at Nashville International Airport (BNA), which will supplement its existing location there.
The Apollo investment had been anticipated for several months as KKR explored options for reducing its ownership position in Atlantic.
Atlantic CEO Jeff Foland will continue to lead the company following the transaction.