Sheltair Aviation has completed the sale of its remaining Long Island operations at two area airports.
The Fort Lauderdale, Fla.-based company sold its five New York fixed-based operations (FBO) to Modern Aviation last fall and has now received government approval for Modern to take over operations and facilities at Republic Airport and Gabreski Airport, according to a company statement. The other three FBOs formerly owned by Sheltair were at LaGuardia, JFK and MacArthur airports, and were previously transferred to Modern.
Terms of the deal were not disclosed.
Founded in 2017, Modern Aviation is a growing FBO network that has been funded by Tiger Infrastructure Partners. The company has airport facilities in Seattle, Denver and Wilmington, N.C.
“Acquiring Sheltair’s Long Island operations is an enormous milestone for us,” Modern’s CEO Mark Carmen said in the statement. “In particular, we not only recognize the enormous history at Republic Airport but today’s important relationship with the surrounding airport community. We look forward to sustaining the community dialogue and engagement that Sheltair pioneered, creating a model for every FBO across the country.”
Sheltair had recently undertaken a $55 million expansion at Republic Airport in Farmingdale and had completed four of the planned eight new hangars in the project. The 41-acre project included supporting infrastructure that added utilities, roadways, ramps, taxiways and drainage systems.
Sheltair President Lisa Holland praised the management teams at Gabreski and Republic, Suffolk County, and the New York Department of Transportation, whose cooperation has aided in the sale’s review and approval process. She also thanked the company’s staff.
“It is Sheltair’s family of employees that has allowed us to become a well-respected leader in the nation’s aviation community,” Holland said in the statement. “Nowhere has that been more evident than in New York.”
Founded in 1963, Sheltair remains the largest privately owned aviation network in the country, operating 14 FBOs and a portfolio of more than 4 million square feet of aviation-related properties.