The most under-managed asset class in aviation.

Fund II acquires and consolidates fixed-base operators (FBOs) at general aviation airports and directly owns fuel distribution infrastructure — trucks, storage, and jet-A supply agreements. The FBO is the toll booth of private aviation: every aircraft that lands pays a landing fee, a fuel margin, and often a hangar rent.

The FBO layer is fragmented, family-owned, and under-capitalized. Institutional consolidation produces immediate margin expansion via fuel purchasing power, ramp process discipline, and integration into a national brand.