Goldman Sachs Alternatives to Sell its Stake in Aviation Facilities Company Management, LLC, to Ardian
Aviation Facilities Company Management, LLC (“AFCO”), an independent industry leader in the investment, development, management and operation of on-airport cargo facilities and other airport infrastructure in the U.S., announced that the Infrastructure business at Goldman Sachs Alternatives has entered into a definitive agreement to sell its ownership position in AFCO to Ardian (“Ardian”), a world-leading private investment house.
Headquartered in Dulles, Virginia, AFCO’s business currently includes more than 3.5 million square feet of airport infrastructure, with 29 properties at 15 airport locations around the U.S. and U.K., including on-airport air cargo warehouses and aircraft apron, ground support equipment maintenance and concession logistics facilities, aircraft maintenance hangars, and a robust pipeline of new development and acquisition opportunities at key airports. Through this new partnership with Ardian, AFCO will have access to valuable resources and operational expertise, enabling the company to advance its growth strategy, including through targeted acquisitions.
“We appreciate the supportive partnership we have had with Goldman Sachs Alternatives over the past seven years. We have instituted a number of value creation initiatives, including an innovative financing structure that has allowed us to invest in existing facilities and strategically expand our portfolio through new acquisitions and developments and create cost-effective solutions for our airport and tenant partners” said Chuck Stipancic, President & CEO of AFCO. “As we look ahead, we are excited about our new relationship with Ardian and look forward to drawing on the team’s expertise as a global player and international leader in essential infrastructure, including transportation and aviation, as we continue to grow our company.”
“We are delighted to partner with AFCO and leverage the management team’s experience, knowledge and the relationships they have developed over the past three decades in the airport infrastructure space as we continue to build on the company’s strong foundation and accelerate growth. On behalf of Ardian, we look forward to working closely with the AFCO management team in this exciting next chapter of partnership,” said Stefano Mion, Co-Head of Infrastructure Americas and Senior Managing Director at Ardian.
Leonarda Orani, Managing Director at Ardian, added “This investment builds on our strategic initiative to expand into the infrastructure and aviation market. Ardian launched this initiative two decades ago and has since held and exited investments in London Luton and 2i Aeroporti and, most recently, made a significant investment in Heathrow to become the airport’s largest shareholder. AFCO is the ideal partner as we continue to expand our industry footprint around the world, particularly in the U.S. and the broader Americas region, and focus on acquiring strategic infrastructure assets with a proven track record.”
“We are delighted to have partnered with AFCO since 2018 to support the company as it accelerated its growth and strengthened its position as a leader in on-airport cargo warehousing in North America, demonstrating resilient infrastructure characteristics as the market environment evolved,” said Teresa Mattamouros, Managing Director in Infrastructure at Goldman Sachs Alternatives. “Our investment in AFCO, sourced on a bilateral, proprietary basis, represents the unique access to compelling infrastructure opportunities provided by our One Goldman Sachs franchise. We wish the management team and Ardian success on the next phase of their journey.”
The closing of the transaction is subject to customary closing conditions.
DC Advisory served as a financial advisor and Gibson Dunn served as legal counsel to Ardian. RBC Capital Markets, LLC and Eastdil Secured, LLC served as financial advisors and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Goldman Sachs Alternatives.
