Apollo to buy aircraft services provider Modern Aviation; Tailwater and Ares sell Cureton

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Apollo to buy aircraft services provider Modern Aviation; Tailwater and Ares sell Cureton

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter.

We’ll start today with a deal in the energy sector.

As PE Hub predicted back in September, it’s a strategic buyer that is acquiring Cureton Front Rangefrom Tailwater Capital and Ares Management. Details below.

We also have some news from late yesterday that Apollo is acquiring a majority stake in Modern Aviation.

And we’re capping off the week with a look at six financial services sector PE-backed deals that are responding to many changes in the overall economy, including higher interest rates.

The exit

Tailwater Capital and Ares Management have agreed to sell Cureton Front Range, a Denver-based midstream company, to Williams Field Services Group.

To find out what sources are saying about the valuation, upgrade to the premium version of the Wire.

Flying high

Yesterday Apollo announced that it is acquiring a majority stake in Modern Aviation, a fixed base operator (FBO) platform serving business and general aviation, as well as commercial, cargo and military aircraft at airports across North America. Tiger Infrastructure Partners, which currently owns Modern Aviation, and the company’s management team will each reinvest alongside Apollo.

Founded in 2018, Modern Aviation provides services for aircraft at airports, such as refueling, maintenance and repair, hangar rental and plane sales.

Upgrade to the premium version of the Wire to get more on this deal.

Money, money, money

We have seen dozens of financial services deals coming to the market this year, as the sector responds to many changes in the overall economy, including higher interest rates, writes my colleague Iris Dorbian. With the changes have come vulnerabilities – think Silicon Valley Bank – but also opportunities, think lower mid-market and private debt. Private equity firms have been seizing the day, so to speak, and PE Hub has seen a lot of PE-backed deals in the financial services sector over the last six months.

From TPG, Oak Hill Capital and Genstar Capital, Warburg and Centrebridge, GTCR, KKR and more, PE firms are picking up opportunities in this sector. Iris rounded up these six deals and here is one example:

In mid-October KKR caused buzz when the investing powerhouse said it would be snapping up a minority stake in Catalio Capital Management, a New York City-based investment firm focused on biomedical technology and healthcare companies.

Upgrade to the premium version of the Wire to get more on the rest of the deals mentioned in this story.

Reach out to me at [email protected].

That’s it for this week.

MK Flynn will be back with the newsletter on Monday.

Have a nice weekend,

Obey

Read the full wire commentary on PE Hub ...

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