Hi all - sending you this article from Prague! I definitely did not fly private, but in the spirit of travel, today’s topic is on fixed-base operators (FBOs). Also, if you’re a GP or an LP attending McGuireWoods Conference in October, I’d love to meet you in Dallas. Please shoot me a note via replying to this email!
Before we dive into this week’s topic,
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State of Play
Last week we covered one of the more popular roll up stories in pest control, so we’re going back to a niche rollup topic this week.
In March 2026, Bain Capital closed their investment in APP Jet Center, a fixed-based operator (FBO) company (we will elaborate further, but FBOs are basically marinas for private jets) with five locations.
Compare those stats to Signature Aviation, the largest FBO network owned by Blackstone and GIP, with 200+ locations or Atlantic Aviation, owned by Apollo and KKR, with 100+ locations.
With APP Jet Center, Bain seems to be gearing up for another consolidation spree in the space. And apparently, there’s more private jets in the world than ever before.
Let's dive in.