Photos courtesy of Sky Harbour Group
Following its stock market debut, the Westchester-based private aviation firm announces plans to expand across the country.
By Julia Mallon and Sabrina Sucato
Aviation infrastructure company Sky Harbour Group LLC has set out to address the shortage of private aviation hangars in the country. Following a completed business combination between Sky Harbour Group and Yellowstone Acquisition Company, Sky Harbour Group Corporation began trading Class A common stock on January 26, 2022.
Headquartered at Westchester County Airport, Sky Harbour is the designer and developer of the hangars, with locations in Dallas, Denver, Houston, Miami, Nashville, and Phoenix. Since opening in 2018, it has focused on low construction costs, low and fixed-rate financing costs, and scalability. Led by CEO Tal Keinan, Sky Harbour also leases and manages business aviation hangar campuses across the United States. After commencing business operations in New York City, the company relocated to Westchester County in the first half of 2021.
“We keep growing there and adding office space,” says CEO Tal Keinan. “I see no reason to ever move.”
Based on analysis by Jet Net Data, the physical footprint of the U.S. business aviation fleet grew by 27,500,000 square feet between 2010 and 2020. With many corporate, individual, and government fliers switching from commercial to private aviation amid the pandemic, this footprint is now increasing at a faster rate. Hangars are not being built out of Westchester just yet, but with operations already taking off in Houston, Nashville, Miami, Denver, Phoenix, and Dallas, Sky Harbour has the goal of reaching more than 50 airports across the country.
The transaction between Sky Harbour and Yellowstone closed at the end of January 2022, with an estimated post-transaction equity market value of $600 million. Sky Harbour is now trading on the NYSE American under the symbol SKYH.
“The benefit we get from [being public] is our narrative is out there,” Keinan observes. Looking ahead, he shares, “We’re in the process of securing land at several dozen airports simultaneously. We feel like most of the heavy lift is done. Now it’s about scale.”
Following its grand debut as a public company, one of Sky Harbour’s next initiatives is to grow and expand its brand presence.
“We’re a public company now. This is our time to really build a brand,” Keinan notes. “The aviation community understands what it is, [and] we plan to raise [our visibility] very significantly. You’re going to see a lot of activity coming through White Plains!”
Even as Sky Harbour continues to expand its offerings across the nation, it plans to continue to remain headquartered in Westchester.
“It’s been fantastic for us,” Keinan enthuses of the Westchester location. “It’s a community. We were really made to feel welcome.”
