Image source: APP Jet CenterNew York; January 28, 2025
QIC today announced the successful close of a debt facility for APP Jet Center (APP), a portfolio company of Ridgewood Infrastructure, LLC (Ridgewood).
Ridgewood owns fixed based operations (FBO’s) and related airplane hangar infrastructure across five major US markets. FBO’s provide storage, fueling, and related essential services to general aviation (non-commercial, non-military) aircraft.
QIC’s Private Debt Infrastructure team acted as the sole arranger in this transaction. Facility proceeds will be used to fund APP’s continued expansion to meet growing customer demand at APP’s current locations including the acquisition of existing hangars and the construction of multiple new hangars over the next two years.
Evan Nahnsen, Global Head of QIC Private Debt Infrastructure, said, “Well-managed and properly funded transportation infrastructure is essential to support continued strong economic activity. We believe the dynamics driving the sector are fundamentally strong and present good relative value for investors. APP specifically has an impressive collection of locations with particularly robust and defensible free cash flow generation.
“We are extremely pleased to continue to find opportunities with projects and businesses providing essential services in our target geographies, especially in the less competed middle-market space. Ridgewood Infrastructure has proven to be an excellent steward of the company during its ownership, and we’re thrilled to be working with them.”
"It was terrific to work with QIC as our lending partner for APP," said Ryan Stewart, Partner at Ridgewood Infrastructure. "We value the collaborative relationship we have built with QIC and look forward to continuing to work together as we drive our initiatives at APP forward."
APP Jet Center has more than 910,000 square feet of hangar and office space as well as 7 million gallons of fuel sales annually across its five operating locations in the US. The Company serves corporate and private air clients in five major strategic US markets: the Washington DC metropolitan area, the San Francisco Bay Area, Denver, and Fort Pierce and Stuart, both in South Florida.
Winston & Strawn served as legal counsel to QIC, and APP was represented by King & Spalding. BTY Group served as the lender’s technical advisor.
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QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, private debt, natural capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with ~A$125bn (~US$78bn) in funds under management1. QIC has over 900 employees and serves approximately 115 clients (as of Dec 31, 2024). Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, San Francisco, London, and Singapore.
About QIC Private Debt
QIC Private Debt offers institutional investors exposure to diversified debt investments across infrastructure (within the OECD) and corporate, asset-backed securities and real estate sectors (in Australia and New Zealand). Launched in 2021, QIC Private Debt now has over ~US$1bn (~A$1.6bn) of assets under management and committed capital, split between Private Debt Australia and Private Debt Infrastructure, with staff across four offices in New York, London, Sydney and Brisbane (as of Dec 31, 2024).
- Gross Assets under Management is calculated as (i) the total market value of gross assets managed by QIC entities; (ii) undrawn commitments; (iii) excludes multi-asset derivative exposures. Net funds under management is equivalent to ~A$119.3bn (~US$73.9) as of 31 December.
QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager, and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (QLD). QIC is also regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) (“Corporations Act”). QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. Other wholly owned subsidiaries of QIC do hold AFS licences and are required to comply with relevant provisions of the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority (“FCA”), the United States Securities and Exchange Commission (“SEC”) and the Korean Financial Services Commission. For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.
For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.
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