Image source: APP Jet CenterNew York; January 28, 2025
QIC today announced the successful close of a debt facility for APP Jet Center (APP), a portfolio company of Ridgewood Infrastructure, LLC (Ridgewood).
Ridgewood owns fixed based operations (FBO’s) and related airplane hangar infrastructure across five major US markets. FBO’s provide storage, fueling, and related essential services to general aviation (non-commercial, non-military) aircraft.
QIC’s Private Debt Infrastructure team acted as the sole arranger in this transaction. Facility proceeds will be used to fund APP’s continued expansion to meet growing customer demand at APP’s current locations including the acquisition of existing hangars and the construction of multiple new hangars over the next two years.
Evan Nahnsen, Global Head of QIC Private Debt Infrastructure, said, “Well-managed and properly funded transportation infrastructure is essential to support continued strong economic activity. We believe the dynamics driving the sector are fundamentally strong and present good relative value for investors. APP specifically has an impressive collection of locations with particularly robust and defensible free cash flow generation.
“We are extremely pleased to continue to find opportunities with projects and businesses providing essential services in our target geographies, especially in the less competed middle-market space. Ridgewood Infrastructure has proven to be an excellent steward of the company during its ownership, and we’re thrilled to be working with them.”
"It was terrific to work with QIC as our lending partner for APP," said Ryan Stewart, Partner at Ridgewood Infrastructure. "We value the collaborative relationship we have built with QIC and look forward to continuing to work together as we drive our initiatives at APP forward."
APP Jet Center has more than 910,000 square feet of hangar and office space as well as 7 million gallons of fuel sales annually across its five operating locations in the US. The Company serves corporate and private air clients in five major strategic US markets: the Washington DC metropolitan area, the San Francisco Bay Area, Denver, and Fort Pierce and Stuart, both in South Florida.
Winston & Strawn served as legal counsel to QIC, and APP was represented by King & Spalding. BTY Group served as the lender’s technical advisor.
