AGS Airports Acquisition, Valuation, Funding & Investors

AGS Airports was acquired by AviAlliance and PSP Investments for $1.9B in November 2024, a 7.8x multiple on $251M of revenue.

AGS Airports acquisition price

$1.9B

Acquired by AviAlliance, PSP Investments · Nov 2024

AGS Airports revenue at acquisition

$251M

Last twelve months · Nov 2024

AGS Airports revenue multiple at acquisition

7.8x

EV/Revenue · Nov 2024

AGS Airports EBITDA multiple at acquisition

22.3x

EV/EBITDA · Nov 2024

AGS Airports Overview

About AGS Airports

AGS Airports is a UK firm owning and operating Aberdeen, Glasgow, and Southampton airports since 2015. It handles 10 million passengers yearly, providing passenger services, cargo handling, and ground operations with investments in runway expansions and sustainable aviation fuel facilities.


Founded

2014

HQ

United KingdomLondon

Status

Acquired

Customer focus

B2B & B2C

Revenue model

Usage-based

Revenue

$263M (Mar 2025)

Valuation

$3.1B (Mar 2025)

AGS Airports Acquisition

AGS Airports was acquired by AviAlliance and PSP Investments for $1.9B on 13 November 2024.

The acquisition price implies a 7.8x revenue and 22.3x EBITDA multiple on $251M of revenue.

Before the acquisition AGS Airports had raised $304M across 1 funding round.

AviAlliance, the wholly-owned airports platform of PSP Investments (one of Canada's largest pension investors), acquired AGS Airports from Ferrovial and Macquarie for an enterprise value of £1.53 billion. AGS Airports operates three regional UK airports—Aberdeen, Glasgow, and Southampton—which collectively serve large growth regions and contributed significantly to local economies. The acquisition was announced on November 13, 2024, and completed on January 28, 2025, following receipt of all regulatory approvals. The deal represents AviAlliance's expansion of its global airport portfolio, which previously included stakes in Athens, Düsseldorf, Hamburg, and San Juan airports. AviAlliance cited the three airports' strong growth potential and attractive UK aviation market fundamentals, supported by continued demand for business and leisure travel. The buyer plans to leverage its airport expertise to enhance air connectivity, expand route networks, improve passenger experience, and implement sustainability strategies across the three assets. Prior to the acquisition, Ferrovial and Macquarie had jointly invested approximately £250 million in AGS Airports infrastructure improvements since 2014. Kam Jandu, former CEO of Budapest Airport with three decades of aviation industry experience, was appointed CEO of AGS Airports upon completion, succeeding Andy Cliffe. Subsequently, in a partial exit, Blackstone acquired a 22% stake in AGS Airports from AviAlliance for £235 million, with AviAlliance retaining a majority 78% stake and operational control.

AGS Airports acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • AviAlliance
  • PSP Investments
13 Nov 2024Strategic M&A$1.9B7.8x22.3x

AGS Airports Valuation

AGS Airports is currently valued at $3.1B, based on its undisclosed-stage round in March 2025.

The $304M round was led by Blackstone.

AGS Airports valuation by funding round

AGS Airports valuation by funding round
DateStageValuationRevenue Multiple
Mar 2025Undisclosed stage$3.1B11.8x

AGS Airports Revenue

AGS Airports' latest recorded revenue is $263M, as of its undisclosed-stage round in March 2025. At a $3.1B valuation, that implies a 11.8x revenue multiple.

AGS Airports revenue by funding round

AGS Airports revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Mar 2025$263M$3.1B11.8xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

AGS Airports Funding History

AGS Airports has raised a total of $304M across 1 funding round.

AGS Airports funding rounds

AGS Airports funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2025Undisclosed stageBlackstone (lead)$304M$3.1BAGS Airports owns and operates three key UK freehold airports—Glasgow and Aberdeen in Scotland, and Southampton in England—handling over 11 million passengers annually with a diversified airline mix and recent capital improvements for larger aircraft and new routes. On March 28, 2025, Blackstone Infrastructure agreed to acquire a 22% minority stake from AviAlliance for £235 million (approximately $303-304 million), valuing the company at approximately $3.1 billion, while AviAlliance, backed by PSP Investments, retains a 78% majority stake. The investment, alongside contributions from AviAlliance and PSP, aims to fund growth in UK travel and tourism, including facility expansions to support rising leisure travel demand. This transaction follows AviAlliance's acquisition of AGS Airports from Macquarie Asset Management and Ferrovial in November 2024 for an enterprise value of approximately £1.53 billion, with financial close expected in Q1 2025. Blackstone's move aligns with its infrastructure focus on transportation assets, including prior investments in toll roads, private aviation, and European airports like Roma Fiumicino. AGS benefits from operational expertise of AviAlliance, which also manages stakes in airports in Athens, Düsseldorf, Hamburg, and San Juan. The partnership emphasizes long-term capital to drive traffic growth and infrastructure development at AGS's airports, positioning them for increased long-haul connections and capacity amid global travel recovery.

Who has invested in AGS Airports?

1 investor has backed AGS Airports across its funding rounds, including Blackstone.

Lead investors include Blackstone.


AGS Airports Investors

Investors in AGS Airports by funding rounds participated
InvestorHQRoundsRoleFirst check

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AGS Airports Competitors

AGS Airports competitors include listed companies like ENAV, TravelSky, Guangzhou Airport and Japan Airport Terminal, and private ones like Bangalore International Airport and Adani Airports.

Public and private companies comparable to AGS Airports
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ENAVItalyItalyPublicly listed$1.1B$306M$3B2.7x
TravelSkyChinaChinaPublicly listed$1.3B$518M$3.2B0.9x
Guangzhou AirportChinaChinaPublicly listed$1.2B$542M$2.9B1.5x
Japan Airport TerminalJapanJapanPublicly listed$1.9B$492M$3.3B2.2x
Bangalore International AirportIndiaBangalorePrivate$399M-$2.5B6.3x
Adani AirportsIndiaAhmedabadPrivate$1.4B$565M$19B13.9x

AGS Airports Public Comps

AGS Airports is no longer listed, but its public comps include ENAV, TravelSky, Guangzhou Airport, Japan Airport Terminal, SIA Engineering, Bet Shemesh Engines, DO & CO, Corporación América Airports, Athens International and Clear Secure.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ENAV$1.1B$306M2.9x2.7x10.8x10.7x
TravelSky$1.3B$518M0.9x0.9x2.3x2.3x
Guangzhou Airport$1.2B$542M1.6x1.5x3.5x4.8x
Japan Airport Terminal$1.9B$492M2.3x2.2x8.6x8.5x
SIA Engineering$1.1B$188M2.2x2.1x13.0x30.1x
Bet Shemesh Engines$314M$68M7.9x-36.8x-
DO & CO$2.8B$305M0.9x0.8x8.1x6.9x
Corporación América Airports$2B$612M2.1x2.0x6.9x5.6x

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Common questions about AGS Airports

When was AGS Airports founded?AGS Airports was founded in 2014.
Where is AGS Airports headquartered?AGS Airports is headquartered in London, United Kingdom.
Is AGS Airports publicly listed?No, AGS Airports was acquired by AviAlliance and PSP Investments in November 2024.
Who acquired AGS Airports?AGS Airports was acquired by AviAlliance and PSP Investments in November 2024.
How much was AGS Airports acquired for?AGS Airports was acquired for $1.9B in November 2024, a 7.8x revenue multiple.
What is AGS Airports' valuation?AGS Airports was last valued at $3.1B in its undisclosed-stage round in March 2025.
How much funding has AGS Airports raised?AGS Airports has raised $304M across 1 funding round.
What was AGS Airports' last funding round?AGS Airports' last funding round was a $304M undisclosed-stage round in March 2025, led by Blackstone.
Who are AGS Airports' investors?AGS Airports' investors include Blackstone.
What is AGS Airports' revenue?AGS Airports' latest recorded revenue is $263M (March 2025).
What is AGS Airports' revenue multiple?AGS Airports' latest valuation implies a 11.8x revenue multiple ($3.1B valuation on $263M of revenue).
Which companies are comparable to AGS Airports?Companies comparable to AGS Airports include ENAV, TravelSky, Guangzhou Airport, Japan Airport Terminal, Bangalore International Airport and Adani Airports.

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