WESTCHESTER COUNTY, N.Y., April 5, 2017 /PRNewswire/ -- Today, funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Connor Capital announced the formation of 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).
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.
Oaktree's Infrastructure Investing team has a demonstrated record of success with P3 partnerships, and will leverage decades of 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.
"Today is an important first step in efforts to improve the customer experience at Westchester County Airport for the airline, business, and general aviation communities," said Bosco. "I've worked in aviation my entire career, and I'm confident that this team brings the right mindset and the right expertise to the job."
With a leadership team that includes Bosco and Barger, HPN-AG seeks to work with the Westchester community, the Board of Legislators, and the County Executive to save Westchester residents hundreds of millions of dollars, create new jobs in the county and increase operational efficiency at Westchester County Airport. HPN-AG will work within the Terminal Use Restrictions, while looking to improve service, support environmental initiatives and create a modern airport experience for travelers.
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 and Connor Capital are both experienced infrastructure investors with track records of working in partnership with governments and local stakeholders," said Barger. "The goal of this P3 is to create a more modern, passenger-friendly facility that will better serve the needs of the entire Westchester community."
About HPN Aviation Group
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. HPN-AG was formed by funds managed by Oaktree Capital Management, L.P. and Connor Capital and is under the leadership of longtime New York aviation veterans Thomas L. Bosco, former Director of Aviation for the Port Authority of New York and New Jersey, and David J. Barger, former Chief Executive Officer of JetBlue Airways Corporation.
Working with the Westchester community, the Board of Legislators, and the County Executive, HPN-AG seeks to save taxpayers hundreds of millions of dollars, create jobs, and bring a world-class management team to Westchester County Airport.
The team behind HPN-AG is the only team to have successfully entered a P3 with a United States airport under the FAA's Airport Privatization Pilot Program. Their track record with transportation P3's in the United States, and around the world, is one of working with and listening to local communities to find mutual benefits for the economy, the environment, and the surrounding community as a whole. You can learn more about HPN Aviation Group at www.hpnaviationgroup.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oaktree--connor-capital-form-new-hpn-aviation-group-to-improve-westchester-county-airport-300434990.html
SOURCE HPN Aviation Group