Modern Aviation buys Puerto Rico FBO at Isla Grande airport
Modern Aviation announced it has completed the acquisition of Puerto Rico FBO LLC at Fernando Luis Ribas Dominicci Airport (TJIG) in San Juan’s Isla Grande district from the owners of Benítez Aviation and its affiliates. The financial terms of the transaction were not disclosed.
Benítez Aviation will continue its aircraft management and Part 135 charter operations at the airport and will remain one of Modern’s major clients in the region.
“We’re excited to continue growing our presence in San Juan and our investment at TJIG, where we have several exciting development projects underway,” said Modern Aviation CEO Mark Carmen.
“We have been impressed by the business Benítez Aviation has built here and look forward to supporting their continued growth by providing the world-class service and safety Modern offers,” Carmen added.
Puerto Rico FBO provides approximately 40,000 square feet of hangar and office space at Isla Grande. Modern Aviation has finished the first of two additional hangars, totaling approximately 48,000 square feet. Completion of the second hangar is anticipated by the end of the first quarter.
“We’re pleased to partner with Modern Aviation, a preeminent provider of FBO services, as we can continue to focus on growing our aircraft management business. We know Modern will be a great home for our Puerto Rico FBO employees and hangar customers,” said Carlos Benítez, CEO of Benítez Aviation.
Benítez Aviation offers operational support for owners of private jets and helicopters.
“This acquisition will enable us to provide services more efficiently to customers at [Isla Grande] by adding significant hangar and office infrastructure to our current offerings. We are pleased to welcome the employees and customers of Puerto Rico FBO to Modern Aviation,” Carmen stated.
Puerto Rico FBO will integrate into Modern’s existing operations and rebrand as Modern Aviation.
The move is the latest in a string of developments for Modern Aviation, which slightly more than a year ago announced plans to build two new hangars at the Ribas Dominicci Airport with a $17 million investment, as reported by News is my Business.
