Atlantic Aviation in play as investors eye FBO targets
Infrastructure investors are finding attractive acquisition targets in the top FBO chains, according to reports that Atlantic Aviation has been put up for sale just two weeks after rival Signature Aviation agreed to a nearly $7 billion buyout bid from Global Infrastructure Partners.
Bloomberg reported on January 25 that diversified financial group Macquarie Infrastructure Corp. was seeking bids for Atlantic Aviation, an aviation services company that could be valued around $4 billion, applying an asset valuation model based on the cash-and-debt deal for Signature Aviation, the world’s largest FBO-services provider with more than 200 locations.
The bid accepted by Signature reportedly topped a previous offer from Blackstone Group Inc., and its largest shareholder, Cascade Investment, which is an investment manager for Microsoft co-founder Bill Gates. However, Signature said it remained open to other bids.
According to Bloomberg, Signature’s suitor Global Infrastructure Partners owns Edinburgh Airport in Scotland and London Gatwick Airport, and its FBO-sector play came at a time when “infrastructure funds are flush with cash and are locking horns over investment targets.”
