Atlantic Aviation's 107-FBO Empire Changes Hands Twice in Five Years — Q1 Flat in Aggregate but Structurally East-Falling West-Rising; Valuation Anchored to Sunbelt Growth Poles

Atlantic Aviation is expected to be sold again in Spring 2026 — its second ownership change in five years. AviGo data shows its four top airports recorded 67,498 combined Q1 2026 movements (YoY essentially flat, −0.1%), but internal divergence is extreme: New York KTEB (−5.5%) and KJFK (−7.1%) both declined while Las Vegas KLAS (+6.9%) and Scottsdale KSDL (+4.8%) grew against the trend. Pre-sale, Atlantic Aviation pursued aggressive expansion — taking over a Bermuda FBO, acquiring a Montana FBO, adding a New Mexico location to reach 107 sites, and positioning in AAM infrastructure. Same period, Bain Capital completed its APP Jet Center acquisition, confirming PE's continued pursuit of FBO assets. Buyer valuation will lean heavily on the Sunbelt/leisure-destination portfolio growth outlook. Confidence ★★★ (KG + AviGo dual cross-verification).