Funds managed by Oaktree Capital Management, L.P. (Oaktree) and Connor Capital have formed the HPN Aviation Group (HPN-AG) to operate Westchester County Airport in an effort to operate and improve the airport through a public private partnership (P3),the new group said.
Thomas L. Bosco, former Director of the Aviation Department for the Port Authority of New York and New Jersey, will serve as the group´s Executive Chairman of the Board of Directors. David J. Barger, former CEO of JetBlue Airways, will serve as a member of the group´s Board of Directors.
The airport is currently in the bottom 10% of airports nationwide for departure on-time performance according to the December 2016 Air Travel Consumer Report published by the US Department of Transportation.
Oaktree´s Infrastructure Investing team has a demonstrated record of success with P3 partnerships, and will leverage experience in transportation investment and management to create a more efficient, more effective airport. Since 2013, it has operated Luis Munoz Marin International Airport outside of San Juan, Puerto Rico. It also created a successful 50-year P3 for the Seagirt Marine Terminal in Baltimore, MD, the primary port serving Washington, D.C.
Connor Capital is a private investment partnership exclusively focused on investing in transportation and transportation-related companies. The Connor Capital team has decades of leadership within the transportation industries, including a strong background in aviation.
HPN Aviation Group (HPN-AG) was formed to operate and improve Westchester County Airport. The company plans to pursue a long-term lease agreement through a public-private partnership (P3) with Westchester County under the FAA´s Airport Privatization Pilot Program.