Sky Harbour Group Announces Hangar Campus Acquisition at Camarillo Airport, Serving Greater Los Angeles
Sky Harbour Group (NYSE American: SKYH, SKYH WS) announced the acquisition of CloudNine at Camarillo Airport, serving Greater Los Angeles. The acquisition includes a 120,000 sq. ft. hangar and office complex, and Sky 805, which holds ground leases and fixed-based operator rights. The transaction, valued at $31 million, was primarily used to settle existing debt obligations at a 10% discount. The rebranded CloudNine will function as a Sky Harbour Home-Basing campus, while Sky 805 will continue operating Channel Islands Aviation FBO. This acquisition adds to Sky Harbour's network of campuses in Houston, Nashville, Miami, and San Jose, and those under development in several other cities. CEO Tal Keinan highlighted the strategic importance of the acquisition, citing the Los Angeles Metro as a top business aviation market. CFO Francisco X Gonzalez noted the acquisition's immediate positive impact on operating cash flow and earnings, with significant future upside potential.
Sky Harbour Group (NYSE American: SKYH, SKYH WS) ha annunciato l'acquisizione di CloudNine presso l'aeroporto di Camarillo, che serve la Grande Los Angeles. L'acquisizione comprende un hangar e un complesso uffici di 120.000 piedi quadrati, e Sky 805, che detiene diritti di locazione e di operatore a terra. La transazione, valutata 31 milioni di dollari, è stata utilizzata principalmente per saldare obbligazioni di debito esistenti con uno sconto del 10%. Il rebranding di CloudNine fungerà da campus Sky Harbour Home-Basing, mentre Sky 805 continuerà a operare il Channel Islands Aviation FBO. Questa acquisizione si aggiunge alla rete di campus di Sky Harbour a Houston, Nashville, Miami e San Jose, nonché a quelli in fase di sviluppo in diverse altre città. Il CEO Tal Keinan ha sottolineato l'importanza strategica dell'acquisizione, citando la Metro di Los Angeles come un mercato chiave per l'aviazione d'affari. Il CFO Francisco X Gonzalez ha evidenziato l'impatto immediato positivo dell'acquisizione sul flusso di cassa operativo e sugli utili, con un significativo potenziale di crescita futura.
Sky Harbour Group (NYSE American: SKYH, SKYH WS) anunció la adquisición de CloudNine en el Aeropuerto de Camarillo, que sirve a la Gran Los Ángeles. La adquisición incluye un hangar y un complejo de oficinas de 120,000 pies cuadrados, y Sky 805, que posee arrendamientos de terreno y derechos de operador de base fija. La transacción, valorada en 31 millones de dólares, se utilizó principalmente para saldar obligaciones de deuda existentes con un descuento del 10%. El CloudNine rebrandado funcionará como un campus de base en Sky Harbour, mientras que Sky 805 continuará operando el Channel Islands Aviation FBO. Esta adquisición se suma a la red de campus de Sky Harbour en Houston, Nashville, Miami y San José, y otros en desarrollo en varias ciudades. El CEO Tal Keinan destacó la importancia estratégica de la adquisición, citando a la Metro de Los Ángeles como un mercado importante para la aviación empresarial. El CFO Francisco X Gonzalez mencionó el impacto positivo inmediato de la adquisición en el flujo de caja operativo y las ganancias, con un significativo potencial de crecimiento futuro.
Sky Harbour Group(NYSE American: SKYH, SKYH WS)는 로스앤젤레스 대도시권에 기여하는 카마리요 공항에서 CloudNine을 인수했다고 발표했습니다. 인수에는 120,000 평방피트의 격납고 및 사무소 단지가 포함되며, Sky 805는 토지 임대권 및 고정 기반 운영자의 권리를 보유하고 있습니다. 3100만 달러로 평가된 거래는 기존 부채 의무를 10% 할인된 가격으로 정리하는 데 주로 사용되었습니다. 리브랜딩된 CloudNine은 Sky Harbour 홈 베이스 캠퍼스로 기능할 것이며, Sky 805는 Channel Islands Aviation FBO를 계속 운영할 것입니다. 이번 인수는 Sky Harbour의 휴스턴, 내슈빌, 마이애미, 샌호세의 캠퍼스 네트워크에 추가되며, 여러 다른 도시에서도 개발 중입니다. CEO Tal Keinan은 인수의 전략적 중요성을 강조하며 로스앤젤레스 메트로를 주요 비즈니스 항공 시장으로 언급했습니다. CFO Francisco X Gonzalez는 인수의 운영 현금 흐름 및 수익에 대한 즉각적인 긍정적 영향을 언급하며 상당한 미래 상승 잠재력을 언급했습니다.
Sky Harbour Group (NYSE American: SKYH, SKYH WS) a annoncé l'acquisition de CloudNine à l'aéroport de Camarillo, desservant la Grande Los Angeles. L'acquisition comprend un hangar et un complexe de bureaux de 120 000 pieds carrés, ainsi que Sky 805, qui détient des baux fonciers et des droits de base fixe. La transaction, d'une valeur de 31 millions de dollars, a été principalement utilisée pour régler des obligations de dette existantes avec une remise de 10 %. Le CloudNine rebaptisé fonctionnera comme un campus Sky Harbour Home-Basing, tandis que Sky 805 continuera d'exploiter le Channel Islands Aviation FBO. Cette acquisition renforce le réseau de campus de Sky Harbour à Houston, Nashville, Miami et San José, ainsi que ceux en développement dans plusieurs autres villes. Le PDG Tal Keinan a souligné l'importance stratégique de l'acquisition, citant l'aire métropolitaine de Los Angeles comme un marché clé pour l'aviation d'affaires. Le CFO Francisco X Gonzalez a noté l'impact positif immédiat de l'acquisition sur le flux de trésorerie opérationnel et les bénéfices, avec un potentiel d'augmentation significatif à l'avenir.
Sky Harbour Group (NYSE American: SKYH, SKYH WS) gab die Übernahme von CloudNine am Flughafen Camarillo bekannt, der die Metropolregion Los Angeles bedient. Die Übernahme umfasst einen Hangar und Bürokomplex mit einer Fläche von 120.000 Quadratfuß sowie Sky 805, das über Erbbaurechte und feste Betreiberrechte verfügt. Die Transaktion, die mit 31 Millionen Dollar bewertet wird, wurde hauptsächlich verwendet, um bestehende Schuldenverpflichtungen mit einem Rabatt von 10% zu begleichen. Das umbenannte CloudNine wird als Sky Harbour Home-Basing-Campus fungieren, während Sky 805 weiterhin Channel Islands Aviation FBO betreiben wird. Diese Übernahme erweitert das Netzwerk von Sky Harbour mit Standorten in Houston, Nashville, Miami und San Jose sowie solche, die in mehreren anderen Städten in Entwicklung sind. CEO Tal Keinan hob die strategische Bedeutung der Übernahme hervor und nannte die Los Angeles Metro einen wichtigen Markt für die Geschäftsluftfahrt. CFO Francisco X Gonzalez wies auf die sofort positive Auswirkung der Übernahme auf den operativen Cashflow und den Gewinn hin, mit erheblichem zukünftigen Wachstumspotential.
- Acquisition of CloudNine and Sky 805 for $31 million, settling existing debt at a 10% discount.
- Immediate positive impact on operating cash flow and earnings.
- Strategic expansion into the Los Angeles business aviation market.
- Significant future upside potential with established revenue streams from high-quality tenants.
- No significant negative aspects reported.
Insights
The
The Los Angeles metro market positioning is crucial, as it's one of the largest business aviation hubs in the US. The Calabasas-Montecito corridor location suggests strong potential for premium pricing and high occupancy rates. The acquisition accelerates SKYH's path to positive consolidated operating cash flow while potentially improving their cost of debt capital - a critical factor for their ambitious 2025 expansion plans.
This acquisition marks a significant expansion into a prime tier-1 market, strengthening SKYH's nationwide network strategy. The Camarillo location fills a important gap in their West Coast presence, complementing existing operations in San Jose. The 120,000 square foot facility adds substantial capacity in a supply-constrained market, particularly valuable given the growing demand for private aviation infrastructure in affluent areas.
The timing is opportune as private aviation trends show continued strength post-pandemic, especially in high-net-worth regions like Greater Los Angeles. The existing infrastructure and seasoned management team minimize operational risks while providing immediate market entry, avoiding typical development delays and uncertainties associated with greenfield projects.
Under the terms of the acquisition, SHG paid approximately
The rebranded CloudNine will operate as a Sky Harbour Home–Basing campus while Sky 805 will continue operating the Channel Islands Aviation FBO and related businesses. Operations will be led by Nick Martino, the current general manager.
The Camarillo Airport campus joins Sky Harbour campuses now operating at Houston’s Sugar Land Regional Airport (SGR),
Tal Keinan, Sky Harbour’s Chairman and Chief Executive Officer, commented, “Camarillo represents a rare alignment of the stars for Sky Harbour. The
Francisco X Gonzalez, Sky Harbour’s Chief Financial Officer, added, “Given its attractive acquisition price, and an already established initial revenue stream from high-quality tenants, this acquisition is expected to be immediately operating-cash and earnings- accretive to Sky Harbour on a consolidated basis, with significant upside potential in the coming months and years. The acquisition, particularly at this stage of our company’s development, is also expected to be credit accretive. Improved cost of debt capital contributes directly to our equity value as we prepare for anticipated continued expansion of our development program in 2025.”
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure company developing the first nationwide network of Home-Basing campuses for business aircraft. The company develops, leases and manages business aviation hangars across
About Camarillo Airport
Forward Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements about the expectations regarding future operations at SHG and its subsidiaries. When used in this press release, the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of the Company as applicable and are inherently subject to uncertainties and changes in circumstances. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. For more information about risks facing the Company, see the Company’s annual report on Form 10-K for the year ended December 31, 2023 and other filings the Company makes with the SEC from time to time. The Company’s statements herein speak only as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Sky Harbour Airport Relations: estolpman@skyharbour.group
Sky Harbour Resident Relations: asigourney@skyharbour.group
Sky Harbour Investor Relations: investors@skyharbour.group Attn: Francisco Gonzalez
Source: Sky Harbour Group Corporation
FAQ
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