CAG Holdings names executive chair of new Terminal One Development Project at JFK Airport

CAG Holdings, the airport investment platform of The Carlyle Group (NASDAQ: CG), has announced the appointment of Dr. Gerrard P. Bushell, former President and CEO of the Dormitory Authority of the State of New York (DASNY), as Executive Chair of The New Terminal One Development Project at JFK and Chair of CAG Holdings, the company said.

Dr. Bushell will be responsible for delivering the New Terminal One Development Project at JFK International Airport.

The Port Authority of New York and New Jersey selected the New Terminal One Development Project team to lead the redevelopment and expansion of JFK´s Terminal One in accordance with Governor Cuomo´s Vision Plan for JFK.

The New Terminal One Development Project team is an innovative coalition of airlines, labor, minority- and women-owned businesses, and strong operating and financial partners including The Carlyle Group and CAG Holdings, JLC Infrastructure, Ullico and Munich Airport International. CAG Holdings is a portfolio company of the Carlyle Global Infrastructure Opportunity Fund and is led by an experienced U.S.-based team that has managed more than 70 airport projects globally.

When completed, the proposed New Terminal One Development Project will encompass the sites of the current Terminal One, Terminal 2 and the former Terminal 3. The New Terminal One Development Project will reimagine the international passenger experience at JFK while creating opportunities for local and minority- and women-owned business enterprises (MWBE) across all phases of the project.

The Terminal One Group Association (TOGA), comprised of Air France, Japan Airlines, Korean Air, and Lufthansa, will continue to operate and maintain the existing Terminal One until completion of the New Terminal One Development Project.

Dr. Bushell brings a wealth of experience from business, government and labor to the New Terminal One Development Project and CAG teams. In 2015, he was appointed President and CEO of DASNY, a national leader in the municipal bond market and one of the country´s most prominent public builders with a construction portfolio valued at more than $6 billion.

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions.