• Sponsor was closing Rampmaster deal when SkyMark came to market
• Combined both companies to create new platform
• Targets tuck-ins and transformational M&A globally

ATL Partners closed the near simultaneous acquisitions of SkyMark Companies and Rampmaster late last year, pulling off a strategically ambitious deal to combine two of the aviation market’s most prominent refueling companies.

The specialty vehicle platform it created within aviation’s ground support equipment (GSE) sector was more the result of opportunistic dealmaking, however, than a carefully laid out masterplan, according to ATL Partners senior partner Caleb Clark.

ATL initially targeted Rampmaster, a Coatesville, Pennsylvania-based aircraft refueling company the sponsor had identified last year in its search for an attractive GSE asset. By summer 2025, ATL was in advanced bilateral talks with the founder-owned company and nearing a deal.

“We built a relationship with Rampmaster’s management team and were able to get the business under LOI over the summer,” said Clark.

Around the same time, SkyMark Companies, backed by Sky Island Capital, came to market. The Kansas City, Missouri-based company manufactures aircraft refueling trucks, hydrant dispensers, and other specialty vehicles for the aviation market.

Although ATL typically targets founder-owned businesses like Rampmaster, for both companies to be open to new ownership simultaneously was a case of the “stars aligning”, Clark said.

“SkyMark had been on our radar due to its leadership position in the aviation refueling space, and when the business came to market, it presented a strong opportunity for us to combine two leaders in the sector,” said Clark.

Earlier Mergermarket reporting noted SkyMark generated more than USD 30m in EBITDA and could command an enterprise value of at least USD 250m.

Clark did not disclose deal terms but said the combined companies have more than USD 300m in annual revenue, with SkyMark the larger contributor. Harris Williams advised ATL on both acquisitions.

Areas of interest  

New York-based ATL – an acronym for aerospace, transportation, and logistics - was attracted to both businesses as they hit all three of those focus areas, Clark said.

Both companies provide mission critical equipment at a relatively low cost compared to the value of the aircraft  they service, he said. Customer priorities also skew toward product performance and reliability than price.

“These are all favorable dynamics for us,” said Clark. “We believe this space flies a little bit below the radar compared to other end markets in our sector, and the space is underserved from an investment perspective.”

Following the deal, SkyMark and Rampmaster will continue operating under their respective brands and current management teams, who will roll their equity stakes into the combined company.

The decision to maintain both brands reflects the strong relationships each have with their clients and their slightly differentiated services and specialty vehicles, Clark said.

For example, SkyMark operates a parts business, an offering now available to Rampmaster’s clients, providing the combined company with cost savings and revenue growth, Clark said.

Clark said management teams on both sides viewed the merger as a strong opportunity. SkyMark had long considered Rampmaster its top merger target, and Rampmaster held SkyMark in similarly high regard, he said.

During the SkyMark sale process, ATL competed with several other bidders but differentiated itself by already having Rampmaster under LOI, a meaningful advantage, Clark said.

“It was important to SkyMark’s management team that we brought Rampmaster to the table,” he said, adding that it was a contributing factor that helped ATL seal the deal.

SkyMark and Rampmaster mark the first acquisitions made through ATL Fund III. The sponsor is currently fundraising and Clark declined to disclose the fund’s target size. Its prior buyout fund, ATL Fund II, closed on USD 575m in 2019, according to a press release.

Growth plans  

ATL has already set in motion its plans to secure multiple add-on acquisitions and expand its businesses internationally.

To support further M&A, ATL brought in A&M Capital as a minority investor shortly after announcing the closure of the double deal for SkyMark and Rampmaster in January.

The sponsor will target companies providing similar services, such as aviation refueling parts, components, and other aftermarket offerings, Clark said.

Manufacturers in the GSE sector also fit the mandate. The sponsor is evaluating targets with EBITDA of USD 3m to USD 30m, which will encompass both tuck ins as well as transformational buys.

The first acquisition could close within six months, Clark said, with several targets already under consideration. ATL aims to complete these deals in-house but may hire an advisor for larger asset acquisitions, Clark said.

International expansion is also on the agenda. While both companies already operate internationally, Europe and Asia present promising growth opportunities, with Europe the likely near-term focus, he said.

Clark expects more sponsor and founder-owned GSE assets like SkyMark and Rampmaster to come to market over the next 18 months.

“We view aerospace and defense, across both the commercial and national security segments, as highly robust over the near-to- medium term, supported by the compelling growth dynamics we see across the sector,” he said.