Macquarie Infrastructure Company (MIC), a New York Stock Exchange-listed fund managed by the Macquarie Group, has sold two businesses owned by Atlantic Aviation, its airport services subsidiary.
MIC said in a statement Atlantic Aviation sold two fixed-base operations, or FBOs, which provide aviation services like re-fueling, hangar storage, and parking for airplanes at airports in Ohio and California.
“Atlantic concluded that each of these operations was sub-scale, relative to their market, and selling them provides Atlantic with an opportunity to redepoloy the sale proceeds in new or existing markets where it has stronger growth prospects,” MIC chief executive James Hooke said in the statement.
Financial details were not disclosed for either sale.
A Ross Aviation subsidiary acquired the California FBO at Fresno Yosemite International Airport. A subsidiary of The Cleveland Jet Center bought the Cleveland Cuyahoga Airport FBO, MIC said.
Atlantic Aviation has FBOs in 66 airports and is still the biggest FBO network operator in the US, according to MIC.
MIC has a 100-percent equity investment in Atlantic Aviation, which caters primarily to the corporate jet market, according to its website.
MIC shares closed at $21.93, up nearly 3.5 percent on the day's trading.