MIC sells airport services operations

Atlantic Aviation, a subsidiary of New York Stock Exchange-listed Macquarie Infrastructure Company, has sold aviation services businesses at airports in Vermont and California for an undisclosed price.

A subsidiary of Macquarie Infrastructure Company (MIC), a New York Stock Exchange-listed fund managed by the Macquarie Group, has sold its aviation services businesses at two US airports for an undisclosed price.

MIC airport services subsidiary Atlantic Aviation sold fixed base operations at Burlington International Airport in Vermont and Hayward Executive Airport in California, according to a statement. Fixed based operations, or FBOs, provide aviation services like re-fueling and parking for airplanes, and can also provide pilot instruction and aircraft sales or rentals, according to the Federal Aviation Administration.

Atlantic sold its Burlington International Airport FBO to Heritage Aviation, a Burlington-based company that already has an FBO at the airport. MIC has not disclosed the buyer of the Hayward FBO.

Earlier this year, Atlantic Aviation sold its FBOs at California’s Fresno Yosemite Airport and Ohio’s Cleveland Cuyahoga Airport to a subsidiary of Ross Aviation and the Cleveland Jet Center respectively.

In a statement, MIC chief executive James Hooke said Atlantic had decided that the Burlington and Hayward FBOs were “sub-scale relative to their markets” and that sale of those operations “provides Atlantic with an opportunity to pursue expansion into regions they believe have stronger growth prospects”.  Atlantic is negotiating the acquisition of other US-based FBOs, and will use proceeds from the Burlington and Hayward sales to fund those acquisitions if they succeed, according to the statement.

Atlantic Aviation operates the largest FBO network in the US, according to MIC. Following the Burlington and Hayward sales, Atlantic now operates 68 FBOs at 64 airports and one heliport, according to a Macquarie spokesperson.

MIC has a 100 percent equity investment in Atlantic Aviation, which caters primarily to the corporate and private jet market, according to its website.  MIC also owns interests in a US district heating business, bulk liquid storage terminal business International-Matex Tank Terminals, and The Gas Company in Hawaii, a gas distributor and producer.