KKR is expected to launch the sale process for Atlantic Aviation after Labor Day, according to three sources familiar with the matter.

In April, Mergermarket reported that KKR had retained Morgan Stanley to explore options for the Plano, Texas-headquartered fixed base operator.

One of the sources and two additional sources said Evercore is also advising the private equity firm on the Atlantic Aviation sale effort.

The company is being marketed off of EBITDA in the USD 600m range, two sources said. These sources and two additional sources said that an IPO remains an option.

Atlantic Aviation is so large that a strategic buyer may not take a risk to pay so much, and the price a financial buyer would pay is considerable, according to one of the sources. The same source added that an IPO could be the base-case path to exit, considering size and buyer universe.

Infrastructure funds are expected to show interest in the asset, two sources said.

Bloomberg reported in April that KKR had tapped advisors to help it look at options for Atlantic Aviation that could value it at around USD 10bn.

Atlantic Aviation is a provider of aircraft ground handling and flight hospitality services, including fueling and line services, as well as hangar and ramp storage.

KKR acquired Atlantic Aviation from Macquarie Infrastructure for around USD 4.5bn in 2021.

KKR and Morgan Stanley declined to comment. Evercore and Atlantic Aviation did not return requests for comment.