TPG-Backed PS to be Acquired by Groupe ADP
22 August 2024 - 11:00PM
Business Wire
PS (formerly known as The Private Suite), an operator of private
luxury terminals serving commercial flights, and TPG (NASDAQ: TPG),
a leading global alternative asset management firm, today announced
that TPG has entered into a definitive agreement to sell PS to
Groupe ADP, an international airport operator. The transaction is
subject to regulatory approvals and other customary closing
conditions. Terms of the transaction were not disclosed.
As the first operator of private terminals serving commercial
travel in the United States, PS has served nearly 250,000
passengers since opening its first location at Los Angeles
International Airport (LAX) in 2017. Far removed from the bustle of
the surrounding airport and just steps away from the airfield, PS
offers the ease, privacy, and security of the private flight
experience for commercial travel. The company’s suites provide
members with complete privacy in their own spacious accommodation,
while the salon offers a sophisticated social lounge perfect for
solo travelers or small groups. Guests can enjoy a reimagined pre-
and post-flight experience while the PS Control Room coordinates
with government, security, and airline officials to ensure a
seamless flying experience.
Following impressive growth at LAX, PS opened its highly
anticipated second location at Hartsfield-Jackson Atlanta
International Airport (ATL) in 2023 and additional flagship
locations are under development at Dallas Fort Worth International
Airport (DFW) and Miami International Airport (MIA).
“When we started PS, we were initially in the security and
logistics business, but over time, the demand for our services has
evolved and expanded to deliver that same experience with the added
convenience and luxury that has become synonymous with the PS
brand,” said Amina Belouizdad Porter, CEO of PS. “With TPG’s
resources and operational insights, coupled with our team’s deep
hospitality expertise, we have successfully built a
first-of-its-kind luxury travel service for commercial flyers – and
we are just getting started. We are now at an exciting inflection
point with ambitions to create an international brand and believe
this partnership with Groupe ADP will enable us to offer more
locations and experiences to our members, while creating new and
exciting opportunities for our team.”
Groupe ADP differentiates itself from other airport operators
through its focus on hospitality and retail through its Extime
brand, creating natural synergies for the PS network and
strengthening the company’s expansion plans.
"When TPG started our journey with PS, we saw an opportunity to
enhance the commercial flying experience for luxury travelers in
partnership with leading airports and airlines, and create
something that didn’t exist previously," said BJ Loessberg, a
Business Unit Partner at TPG Growth. “Throughout our partnership,
the company's strong performance – which further accelerated
following the pandemic – has been enabled by Amina and PS’s
growth-oriented management team. We are very proud of the success
we have achieved together and confident that Groupe ADP is the
right new partner for PS as they continue to enhance their
offerings and expand their presence across the United States and
beyond.”
About PS
PS builds and operates private airport terminals serving
commercial flights. It currently operates at LAX and ATL, with
additional locations coming in Dallas Fort-Worth and Miami. With
unprecedented access, PS has the only private partnership with both
TSA and Customs and Border Protection, allowing PS guests to move
seamlessly through arrivals and departures. For more information on
PS, visit www.reservePS.com or follow @reservePS on social
media.
About TPG
TPG is a leading global alternative asset management firm,
founded in San Francisco in 1992, with $229 billion of assets under
management and investment and operational teams around the world.
TPG invests across a broadly diversified set of strategies,
including private equity, impact, credit, real estate, and market
solutions, and our unique strategy is driven by collaboration,
innovation, and inclusion. Our teams combine deep product and
sector experience with broad capabilities and expertise to develop
differentiated insights and add value for our fund investors,
portfolio companies, management teams, and communities.
About Groupe ADP
Groupe ADP develops and manages 26 airports around the world,
including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
In 2023, the group handled through its brand Paris Aéroport 99.7
million passengers at Paris-Charles de Gaulle and Paris-Orly, and
336.4 million passengers in airports abroad. Boasting an
exceptional geographic location and a major catchment area, the
group is pursuing its strategy of adapting and modernizing its
terminal facilities and upgrading quality of services; the group
also intends to develop its retail & hospitality and real
estate businesses. In 2023, group revenue stood at €5,495 million
and net income at €631 million. For more information see
groupe-adp.com.
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PS Matthew Levison Senior Vice President, KWT Global
mlevison@kwtglobal.com
TPG Julia Sottosanti media@tpg.com
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