Porter Aviation Holdings Inc. (PAHI) has completed the sale of its passenger terminal at Billy Bishop Toronto City Airport (BBTCA) to Nieuport Aviation Infrastructure Partners GP (Nieuport Aviation), a consortium of Canadian and international infrastructure equity investors.
Nieuport Aviation comprises InstarAGF Asset Management Inc., Kilmer Van Nostrand Co. Limited, Partners Group, and institutional investors advised by J.P. Morgan Asset Management.
PAHI operated terminal facilities at BBTCA through its subsidiary, City Centre Terminal Corp. Porter Airlines Inc., another PAHI subsidiary, will maintain and enhance its service at the airport in coming years.
“Nieuport Aviation is a seasoned airport operator that will deliver exceptional service at the terminal and help build on the existing overall superior travel experience for passengers,” said Robert Deluce, president and CEO, Porter Aviation Holdings Inc. “We will work closely with its management team over the next few months to ensure a seamless transition. This transaction further strengthens our core business with Porter Airlines and positions the company for continuing growth and success.”
“The terminal is a premier essential transportation infrastructure asset with an established operating history, robust contractual framework and positive long-term outlook,” added Gregory Smith, president and CEO, InstarAGF. “Studies show that travellers overwhelmingly choose BBTCA because of its convenience, efficiency and high service standards. With a focus on sustaining and elevating the passenger experience at the terminal, we look forward to building strong relationships with all stakeholders at BBTCA and to supporting its further development as a vital gateway for commerce and economic growth in the greater Toronto region.”