Modern Aviation Acquires Puerto Rico FBO at Isla Grande Airport in San Juan PR

February 1, 2024 – New York, NY. – Modern Aviation announced that is has closed the acquisition of Puerto Rico FBO LLC at Fernando Luis Ribas Dominicci Airport (Isla Grande Airport/TJIG) in San Juan, Puerto Rico from the owners of Benitez Aviation and its affiliates. Benitez Aviation will continue to operate its aircraft management and Part 135 charter business at the airport and will be one of Modern’s largest customers in the region.

Modern Aviation CEO Mark Carmen stated, “We are excited to continue growing our presence in San Juan and our investment at TJIG where we have several exciting development projects underway. We have been impressed by the business Benitez Aviation has built here and look forward to supporting their continued growth by providing the world class service and safety that Modern offers.”

Puerto Rico FBO offers approximately 40,000 square feet of hangar and office space at TJIG, where Modern Aviation has completed the first of two additional hangars with an aggregate footprint of approximately 48,000 square feet. The second hangar is expected to be completed before the end of the first quarter.

Carlos Benitez, CEO of Benitez Aviation said, “We are pleased to partner with Modern Aviation, a preeminent provider of FBO services, as we can continue to focus on growing our aircraft management business. We know Modern will be a great home for our Puerto Rico FBO employees and hangar customers.”

Mark Carmen added, “This acquisition will enable us to more efficiently provide services to customers at TJIG by adding significant hangar and office infrastructure to our current offerings. We are pleased to welcome the employees and customers of Puerto Rico FBO to Modern Aviation.”

Puerto Rico FBO will be consolidated into Modern’s current operations and will operate under the Modern Aviation brand.

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. 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

About Benitez Aviation:
Benitez Aviation is the preeminent Aircraft Management company in Puerto Rico based out of Isla Grande Airport (TJIG). They provide operational support for aircraft owners of private jets and helicopters, with the most sophisticated services in the market.

Contact
Emmanuel Yapo: eyapo@modern‐aviation.com
Carlos Benitez: carlos.benitez@benitezaviation.com

Modern Aviation Breaks Ground on Hangar Development at Republic Airport in Farmingdale, NY

November 16, 2023 – Farmingdale, NY. – Modern Aviation broke ground on two new hangars in its most recent development project at Republic Airport in Farmingdale, NY. A groundbreaking ceremony for the development project took place on the morning of November 15, 2023.

The project encompasses the construction of two hangars on Modern Aviation’s Breslau parcel at Republic Airport, totaling over 81,000 SF including 71,200 SF of hangar space and 10,100 SF of office space. The hangars will be equipped with 28-foot-high doors capable of accommodating today’s largest business jets. The first hangar, equaling 35,100 SF, is fully leased out on an exclusive basis to one customer and is expected to be completed in August 2024. The second hangar, totaling 46,200 SF, is comprised of two separate bays of (a) 20,000 SF of hangar and 4,200 SF of office which is fully leased out on an exclusive basis to one customer, and (b) 20,000 SF of hangar and 2,000 SF of office, which is still available as of today. The second hangar is expected to be From left to right: Manuel Moran-Mendoza, Republic Airport Operations Director; Victor Cerami, Republic Airport Maintenance Manager; Anthony Ceglio, Republic Airport Director; Stella Barbera, Republic Airport Commission Member; Mark Carmen, President and CEO of Modern Aviation; Emmanuel Yapo, EVP – Strategy and Corporate Development of Modern Aviation; Aleem Mohammed; General Manager of Modern Aviation FRG; Michael Clow, Republic Airport Assistant Manager.
completed in November 2024. The development cost of both hangars is expected to exceed $27 million.

Both hangars were designed with sustainability in mind. Some of the sustainable features included in the buildings are energy efficient/occupancy censored lighting and mechanical systems, building insulation that exceed code requirements, and the use of recycled materials.

Modern Aviation’s CEO Mark Carmen, said, “We are very excited to begin the construction of our first hangars at Republic Airport since our acquisition last year. This project will vastly increase our presence on the field while also adding to the numerous advantages that Republic Airport offers to customers. We have capacity to develop more hangars at Republic and look forward to partnering with the airport authority and NYSDOT to pursue these additional hangar development projects in the future.”

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. 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

Contact
Emmanuel Yapo
Executive Vice President
Modern Aviation
eyapo@modern‐aviation.com

Apollo Infrastructure Funds Acquire Majority Stake in Modern Aviation

Tiger Infrastructure Partners and Modern Aviation Management to
Reinvest as Part of Transaction

November 2, 2023 – New York, NY. – Apollo (NYSE: APO), Tiger Infrastructure Partners (“Tiger”) and Modern Aviation (the “Company” or “Modern”) today announced that they have entered into a definitive agreement for Apollo‐managed infrastructure funds (the “Apollo Funds”) to acquire a majority stake in Modern Aviation, a fixed base operator (FBO) platform serving business and general aviation, as well as commercial, cargo and military aircraft at airports across North America. Tiger Infrastructure Partners, which currently owns Modern Aviation, and the Company’s management team will each reinvest alongside the Apollo Funds. Together, these investments will significantly bolster Modern Aviation’s shareholder base to support future strategic growth initiatives.

Founded in 2018, Modern Aviation has grown to become one of the preeminent national networks of premium FBO properties. The Company, led by CEO Mark Carmen and a highly experienced management team, operates a strategically curated portfolio of 16 sites today and serves a diversified customer base across various aviation segments.

Apollo Partner Dave Cohen said, “We are excited for Apollo funds to acquire Modern Aviation, working with Tiger, Mark and the entire team to support the business in its next phase of growth. Modern Aviation is known for its excellent client service and has built a strong infrastructure network with clear growth prospects across new and existing locations. We look forward to leveraging our deep experience investing in infrastructure and aviation assets to help the Company execute on its strategic plans.”

Modern Aviation CEO Mark Carmen said, “We are thrilled to be partnering with the Apollo team and we appreciate Tiger’s continued support as they have been with us since Modern was just an idea. Together, we are committed to executing Modern’s strategy of supporting our customers in a safe environment, investing in our 16 existing locations and growing our network. I’d like to thank all of our Modern Aviation team members, whose steadfast dedication to customer service and safety drive our success.”

Tiger Senior Managing Director Adam Emmert said: “We’ve been pleased to work collaboratively with the Modern management team for over six years. In the early years, the senior team co‐located with us in our New York offices as we worked closely to launch the Modern platform. It has been rewarding for us to help Modern grow from a small team with a single location into one of the leaders in the U.S. FBO industry. We are excited to continue our productive collaboration with Mark, Dan, Emmanuel and the rest of the Modern team with our new partners at Apollo.”

The acquisition will be the latest investment for Apollo’s growing infrastructure franchise, which brings the scale, expertise and capital markets capabilities of Apollo’s investment platform to the middle market.  The team focuses on mid‐market businesses and assets, and key investment themes include the global energy transition, digital infrastructure, global supply chain and sustainable living. Across its platform, Apollo Funds and affiliated entities have deployed more than $12 billion into aviation industry investments.

The transaction is subject to customary closing conditions, including certain regulatory approvals, and is expected to close by year‐end. Financial terms were not disclosed.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Winston & Strawn LLP and Lowenstein Sandler LLP acted as legal counsel and Harris Williams served as financial advisor to Tiger and Modern Aviation.

About Apollo
Apollo is a high‐growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk‐reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2023, Apollo had approximately $631 billion of assets under management. To learn more, please visit www.apollo.com.

About Tiger Infrastructure Partners
Tiger Infrastructure Partners is an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies. Tiger’s value‐add approach targets growth investments across the Digital Infrastructure, Energy Transition and Transportation sectors in North America and Europe, where Tiger believes strong tailwinds are driving demand for new infrastructure. Tiger maintains offices in New York and London. For more information, visit www.tigerinfrastructure.com.

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality, and industry leading safety. 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

Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822‐0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822‐0491
Communications@apollo.com

Tiger Infrastructure Partners Contacts
Nyssa Kourakos
NK Strategies
nyssa@nkstrategies.com

Modern Aviation Contacts
Emmanuel Yapo
Executive Vice President
Modern Aviation
eyapo@modern‐aviation.com

Modern Aviation Completes Hangar and FBO Complex at Centennial Airport – KAPA

March 3, 2023 – Denver, CO. – Modern Aviation announced the completion and grand opening of its upgraded and expanded FBO campus at Centennial Airport in Denver, Colorado. The upgrade and expansion project includes the addition of two new heated 28 ft-door hangars, a Class A FBO terminal and an expanded ramp.

The nearly $23 million complex features a 7,000 square foot FBO terminal, two large hangars encompassing more than 52,000 square feet, 4,000 square feet of attached office space and 150,000 square feet of new ramp area. The completion of this project more than doubles Modern Aviation’s footprint at Centennial Airport.

“This development enhances our presence at Centennial Airport, one of the busiest business aviation airports in the country,” stated Mark Carmen, CEO of Modern Aviation. “Our state-of-the-art FBO facility includes top tier amenities and was carefully designed with pilots and passengers in mind and allows Modern Aviation to better serve our customers today and well into the future. The facilities include the latest web conferencing capabilities in the conference room, eight individual snooze areas for optimal relaxation and many other convenient amenities.”

In addition to concepts of comfort, significant attention was placed on integrating sustainability features into the complex. This includes four EV car charging stations; the steel structure used has a 20% reuse factor built in; and the hangars/FBO terminal are up to some of the highest standards regarding energy savings and low emissions including:

• Low water usage plumbing fixtures;
• LED lighting with day lighting functions;
• High efficiency mechanical units with thermostats/temperature sensing devices;
• Low E storefront systems;
• Efficient building envelope; and
• Interior finishes that are LEED green and cradle to cradle certified.

Modern Aviation hosted its tenants and other customers, airport staff, suppliers and its development team at a grand opening party at its new FBO terminal on February 28th.

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality and industryleading safety. Modern Aviation is backed by the 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://dev.modern-aviation.com.

Modern Aviation Closes the Acquisition of Three FBOs in the Northeast

Februrary 23, 2023 – New York, NY. – Modern Aviation has closed the acquisition of three FBOs in the Northeast – 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) from their two owners.

Modern Aviation’s CEO Mark Carmen, stated, “We are thrilled to have officially expanded our footprint in the Northeast. On behalf of Modern Aviation, I’d like to extend a warm welcome to our new team members and customers at these three terrific locations. We look forward to continuing Mystic Jet Center’s and Columbia Air Services’ history of providing outstanding customer service and safety.”

All the employees of the three entities have joined Modern Aviation.

With the addition of these three locations, Modern Aviation operates 16 FBOs in North America, including ILM, APA, BFI, SIG, JFK, LGA, ISP, FOK, FRG, MHR, SAC, SMF and DSM.

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality and industryleading safety. Modern Aviation is backed by the 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://dev.modern-aviation.com.

Contact:
Modern Aviation, Emmanuel Yapo eyapo@modern-aviation.com

Modern Aviation Commits to Achieving Carbon Neutrality for Scope 1 and 2 Emissions by 2050

February 15, 2022 – New York, NY – In support of its ongoing sustainability efforts, Modern Aviation is pleased to announce that it has developed a strategy to achieve carbon neutrality for Scope 1 and Scope 2 emissions and is committed to achieving carbon neutrality for Scope 1 and Scope 2 emissions by 2050.

The Company has identified a range of potential opportunities to incrementally reduce emissions through more effective energy management. These opportunities include improved hangar insulation, installation of LED lighting, improved lighting controls, increased daylighting in hangars and offices, in-slab radiant heating for hangars in cold-weather regions, on-site installation of solar PV systems, procuring renewable energy sources as provided by local utility providers, and conversion to electric ground support equipment. Modern is committed to pursuing these improvements at its FBOs where feasible, and to offsetting any remaining Scope 1 and Scope 2 emissions with legitimate, high quality carbon offsets.
The Company has also developed a formal strategy aimed at reducing the Scope 3 emissions associated with the aviation fuel used by its customers. While Modern believes this strategy will evolve over time in response to changes in aviation and fuel technology, as well as industry practice, this multi-faceted approach will initially include:

• Expanding the offering of sustainable aviation fuel (SAF) to all its FBO locations as soon as practical and increasing SAF as a percentage of its total fuel sales across its network. Modern currently offers SAF at its Sacramento Mather Airport location FBO;
• Increasing the percentage of SAF in blended fuel over time;
• Implementing a book-and-claim system to provide an SAF option for customers in locations where SAF is not physically available; and
• Continuing to offer high-quality carbon offsets to customers (partially subsidized by Modern) on a voluntary basis through its Carbonfund.org carbon offset program

In partnership with its fuel suppliers, Titan Aviation Fuels and its SAF partners, Modern launched SAF at its Mather Airport FBO in Sacramento, CA in 2023 and intends to roll out SAF to its other airport locations in the future.

Another element of Modern’s sustainability strategy is the electrification of Company vehicles and ground support equipment over time. Earlier this month, the Company placed its first order for a 5,000-gallon electric fuel truck from Rampmaster, which it expects to be delivered in the first quarter of 2024. Further, Modern will be offering Tesla rental cars through its partnership with Hertz throughout its network. These vehicles are currently available at Modern Aviation’s FBO at Centennial Airport (KAPA) just outside Denver, CO.

Mark Carmen, CEO of Modern Aviation stated, “Since we founded the Company in 2018, we’ve continuously focused on implementing industry leading methods to reach our sustainability goals as well as enabling our customers to do the same in the most economical way possible. We began offering our carbon offset program in October 2019 and now we are proud to be committing to become carbon neutral as a Company by 2050. Offering SAF to our customers in California, being an early adopter of electric refuelers and providing EV rental vehicles is just the beginning of our efforts to increase our commitment to sustainability. This is an important initiative to Modern, our team members and our customers.”

About Modern Aviation
Modern Aviation is a growing company that is building a national network of premium FBO properties. Modern Aviation’s strategy is to acquire and develop FBO operations in growth markets and to focus on providing exceptional service, extraordinary quality and industry-leading safety. Modern Aviation is backed by the 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://dev.modern-aviation.com.

Contact:
Modern Aviation, Emmanuel Yapo eyapo@modern-aviation.com