New York-based Modern Aviation has come to a definitive agreement with Sheltair Aviation, the US’ largest privately-owned aviation network, to acquire the operations and facilities of Sheltair’s five New York FBOs. Whilst the agreement is subject to review and approval of various government agencies, Sheltair president, Lisa Holland said the deal with Modern made sense.
“During the past year, we received an unsolicited overture from Modern Aviation that compelled us to review our role in New Yorkat a time when we are significantly enlarging our national footprint in other parts of the country,” Holland said.
“Modern Aviation became an obvious and appropriate buyer given their corporate presence in New York, their track record of excellence at major airports elsewhere in the country, and their roster of respected professionals with extensive experience in the New York aviation community,” she added.
The Sheltair properties under contract include those at LaGuardia, JFK, Westhampton, Farmingdale, and Long Island MacArthur Airports.
Holland said: “Among our key considerations in determining how best to proceed was the fact that Modern Aviation reflects our corporate family’s values in how we strengthen, nurture, and support our employees’ careers as well as embracing strict performance standards at the airports we serve.”
Modern Aviation’s CEO, Mark Carmen, said, “The opportunity to acquire Sheltair’s five New York locations within our own New York footprint, and build upon their well-deserved reputation for client service is a significant milestone in executing our strategy. Modern intends to hire all of Sheltair’s current employees in the New York market as these are the people who developed that excellent reputation.”
Carmen added, “This is an important step in the evolution and growth of Modern and we intend to continue to focus on providing world class customer service, outstanding quality and safety everywhere we operate.”
Sheltair and Modern expect the transaction to close in the fourth quarter of 2021.
