Noting that the FBO market remains highly fragmented, industry leaders agree that the recent consolidation trends will continue for some time. John Enticknap, principal with Aviation Business Strategies Group, pointed out that only 17 percent of FBOs in the U.S. and Canada are part of a chain, and of the remainder at least 1,300 could be viable acquisitions. Speaking at NATA’s recent 2015 Aviation Business Conference in Washington, D.C., Enticknap qualified a viable FBO as one that has a sustainable business model, is located on an airport with at least a 4,000-foot paved runway and sells at least 500,000 gallons of fuel per year.

Major chains have been on the acquisition trail, but so too have smaller chains and private groups, he said. In addition, private equity has returned to the market. FBOs are now looked upon favorably by investors because the returns on investment (ROI) have been stronger than for other forms of investment, Enticknap said.

Atlantic Aviation senior vice president Clive Lowe expects that his company, backed by Macquarie Infrastructure, will continue to seek acquisitions. “Our investors believe that additional FBOs mean growth,” Lowe said. But while Atlantic, with close to 70 facilities, is among the largest chains, new acquisitions are not about numbers, he stressed. Instead the company is looking for valuable businesses. “We essentially buy cash flow.” But Lowe emphasized the benefits of adding facilities, saying it enhances the culture of the chain. "We get better each time we acquire an FBO."