Another private equity firm has thrown its hat into the FBO consolidation ring with the announcement late last week that Destin Jet, the lone aviation services provider at Florida’s Destin Executive Airport, was acquired by The Sterling Group, which manages more than $2.4 billion in assets. According to the Houston-based, middle-market private equity firm, the location will become the cornerstone of a new FBO network, the name of which will be released in the coming months.

The company has assembled a team of industry veterans in its new endeavor, including former Encore and Trajen chairman, Landmark Aviation board member and current Sterling Group partner Greg Elliott, along with Chad Farischon and Tyson Goetz, both former members of the Trajen and Landmark management teams. “Sterling is thrilled to partner with a talented team in Chad and Tyson,” noted Elliott. “Having worked together at both Trajen and Landmark, we knew that they were the right leaders to build a premier network."

A company spokesperson told AIN that this new FBO network is one of the first platforms in Sterling’s new $1.25 billion fund, and that the company has a long-term vision to build the "right network with the right partners." Destin Jet operates two terminals at the Northwestern Florida gateway.