A&M Capital Backs ATL Partners' Aviation Ground Support Play with Dual Acquisition

The convergence of operational expertise and strategic capital is reshaping the aviation ground support equipment sector, as A&M Capital Strategic Investments announced a minority investment alongside ATL Partners' simultaneous acquisitions of SkyMark Companies and Rampmaster. The transaction, disclosed January 12, 2026, represents a calculated bet on the aviation industry's post-pandemic recovery and the accelerating modernization of airport infrastructure worldwide.

ATL Partners, a New York-based middle-market private equity firm founded in 2014, structured the deal to acquire both companies and immediately combine them into a unified platform focused on aircraft refueling and ground support equipment. The firm's sector-specific focus—commercial aerospace, national security, and transportation & logistics—positions it uniquely to extract operational synergies from the combination.

A&M Capital Strategic Investments (AMCSI), the dedicated minority investment arm of A&M Capital, entered as a co-investor, bringing approximately $835 million in total commitments under management to support the transaction. AMCSI's model centers on partnering with premier private equity firms in their core areas of expertise, leveraging its strategic association with A&M Consulting's operational advisory capabilities.

The deal structure preserves both brands and management teams. SkyMark and Rampmaster will continue operating under their respective names, with existing leadership maintaining their roles while rolling "significant equity stakes" into the combined entity—a structure designed to retain institutional knowledge and customer relationships while enabling strategic coordination.

SkyMark Companies, headquartered in Kansas City, Missouri, has established itself as a leading manufacturer of aircraft refueling trucks and hydrant dispensers since its founding in 2013. The company's product portfolio extends beyond aviation into transportation-related specialty vehicles serving liquid waste, rail maintenance, and bulk fuel transport markets. This diversification provides revenue stability across economic cycles, though aviation remains its core focus.

Rampmaster brings a different value proposition: technical innovation and brand heritage. Founded in 1968 by the Watkins family, the company manufactures the aviation industry's only aircraft refueler truck with a modular design and patented engine management system. This modular architecture allows power, pump, and tank modules to swap out for maintenance, repair, or upgrade—a significant operational advantage for fleet operators managing total cost of ownership.

Rampmaster's recent innovation trajectory includes delivering the first zero-emission all-electric jet refueler truck in the United States, positioning the company at the intersection of aviation and sustainability trends. This capability aligns with airport operators' increasing focus on reducing ground operations emissions, particularly in California and European markets where regulatory pressure is intensifying.

The strategic logic of combining these assets is straightforward: SkyMark provides manufacturing scale and market reach, while Rampmaster contributes proprietary technology and premium brand positioning. Together, they create a platform with broader product offerings, enhanced R&D capabilities, and improved competitive positioning against larger diversified equipment manufacturers.

The aviation ground support equipment sector is experiencing robust expansion driven by structural factors. According to market research, the ground support equipment market size was $5.4 billion in 2025 and is projected to reach $9.3 billion in 2033, at a CAGR of 7.1% from 2026 to 2033.

Several factors underpin this growth trajectory. Global air traffic continues recovering from pandemic lows, with passenger volumes in many markets exceeding 2019 levels. This recovery drives demand for ground handling equipment as airports expand capacity and airlines increase fleet utilization. Cargo aviation, accelerated by e-commerce growth, adds incremental demand for specialized refueling and handling equipment.

Airport modernization represents a second major driver. Aging infrastructure at major hubs requires equipment replacement cycles, while emerging markets invest in new airport construction. Powered ground support equipment leads the market with around 80.2% of market share in 2025, reflecting the industry's shift toward mechanized, efficient ground operations.

The sustainability imperative is reshaping equipment specifications. Airports face mounting pressure to reduce emissions from ground operations, driving adoption of electric and hybrid GSE. Rampmaster's electric refueler technology positions the combined platform to capture this transition, though the higher upfront cost of electric equipment remains a barrier in price-sensitive markets.

Regulatory tailwinds are also emerging. The International Civil Aviation Organization's carbon reduction targets influence airport operators' procurement decisions, while regional regulations in California and Europe mandate emissions reductions from ground support equipment. These policies create a structural advantage for manufacturers offering electrified solutions.

ATL Partners has built its investment strategy around deep sector expertise in aerospace, transportation, and logistics. The firm's approach emphasizes control investments where operational improvements and strategic add-ons can drive value creation. The ATL team has invested $1.8 billion across eight platforms, demonstrating consistent execution of its sector-focused strategy.

The SkyMark-Rampmaster combination fits ATL's established playbook. The firm's portfolio includes Aero Accessories, an aerospace components distributor that ATL has grown through multiple add-on acquisitions. This experience in building aerospace platforms through M&A provides a template for the ground support equipment venture.

ATL's value creation thesis likely centers on several levers. First, operational integration can eliminate redundant costs while preserving customer-facing capabilities. Second, cross-selling opportunities emerge as SkyMark's customer relationships gain access to Rampmaster's premium products, and vice versa. Third, the combined entity achieves greater scale for supplier negotiations and R&D investment.

The firm's sector networks provide strategic advantages. ATL's relationships with airlines, airport operators, and aviation service providers can accelerate customer acquisition and inform product development priorities. Its experience navigating aerospace supply chains and regulatory requirements reduces execution risk relative to generalist investors.

A&M Capital Strategic Investments represents a distinctive approach in the private equity landscape. Rather than leading transactions, AMCSI partners with sector-specialist firms, providing capital while leveraging A&M Consulting's operational resources. The model addresses a specific market need: middle-market private equity firms seeking additional equity capital without ceding control or strategic direction.

For ATL Partners, AMCSI's participation likely provided several benefits beyond capital. A&M Consulting's expertise spans operational due diligence, performance improvement, and transaction support. The announcement notes that "AMCSI's evaluation of the opportunity benefitted from A&M Consulting's expertise and engagement across multiple elements of the due diligence process for both businesses."

This operational diligence capability is particularly valuable in complex carve-outs or multi-company combinations where integration planning determines success. A&M's consultants can assess manufacturing operations, supply chain efficiency, and organizational structure—providing ATL with detailed integration roadmaps before closing.

The minority investment structure also offers portfolio construction benefits for AMCSI's limited partners. By partnering with multiple sector-specialist firms across different industries, AMCSI achieves diversification while maintaining exposure to middle-market value creation. The strategy has deployed capital across various sectors, with AMCSI's approximately $835 million in commitments supporting numerous platform investments.

The aviation ground support equipment market features a mix of large diversified manufacturers and specialized players. Global leaders like TLD Group, JBT Corporation, and Textron Ground Support Equipment compete across multiple product categories with international manufacturing footprints. These incumbents benefit from scale economies, established customer relationships, and comprehensive service networks.

The SkyMark-Rampmaster combination creates a focused competitor with differentiated capabilities. Rather than competing across all GSE categories, the platform concentrates on refueling equipment and specialty vehicles—segments where technical expertise and customer service drive purchasing decisions more than pure scale.

Rampmaster's modular design and electric vehicle technology provide competitive differentiation. As airports prioritize total cost of ownership over initial purchase price, modular architecture that reduces maintenance downtime becomes increasingly valuable. The electric refueler capability positions the platform for regulatory-driven demand, particularly in markets with aggressive emissions reduction mandates.

SkyMark's manufacturing capabilities and customer base complement Rampmaster's technology. The combination can leverage SkyMark's production scale to reduce Rampmaster's manufacturing costs while using Rampmaster's premium brand to elevate SkyMark's market positioning. This complementarity suggests meaningful synergy potential beyond simple revenue addition.

Despite strategic logic, the transaction faces execution challenges common to multi-company combinations. Integrating two distinct manufacturing operations while maintaining product quality and customer service requires careful sequencing. The decision to preserve both brands suggests ATL recognizes integration risks and plans a measured approach.

Cultural integration presents another challenge. SkyMark, founded in 2013, represents a relatively young, growth-oriented organization. Rampmaster, with roots dating to 1968, carries decades of family ownership and engineering tradition. Aligning these cultures while retaining key talent requires thoughtful change management.

Supply chain coordination offers both opportunity and risk. Consolidating supplier relationships can reduce costs, but disrupting established supply chains risks production delays. The current environment of supply chain volatility and long lead times for specialized components amplifies this risk.

Market cyclicality remains a fundamental challenge. Aviation ground support equipment demand correlates closely with airline profitability and airport capital budgets. Economic downturns or aviation-specific shocks can rapidly compress demand, as demonstrated during the pandemic. The combined platform's exposure to transportation-related specialty vehicles provides some diversification, but aviation remains the core market.

While transaction terms remain undisclosed, the deal structure provides clues about valuation and return expectations. ATL's control position suggests a traditional buyout structure, likely involving significant leverage to enhance equity returns. AMCSI's minority stake provides additional equity capital, potentially reducing leverage ratios or funding growth initiatives.

Return generation will likely depend on multiple value drivers. Organic growth from market expansion provides a baseline, with the 7.1% CAGR in the broader GSE market offering a favorable backdrop. Operational improvements through integration can expand margins, while strategic pricing in premium segments like electric refuelers can improve product mix.

Add-on acquisitions represent another potential value driver. The fragmented nature of the specialty vehicle and ground support equipment markets provides numerous acquisition targets. ATL's experience building platforms through M&A suggests additional transactions may follow, expanding the platform's capabilities and market reach.

Exit optionality appears favorable. Strategic buyers including large diversified equipment manufacturers might value the platform's technology and market position. Financial sponsors seeking aerospace exposure could also emerge as buyers. Public markets remain a possibility if the platform achieves sufficient scale, though the specialized nature of the business may limit public market appeal.

The transaction reflects several broader trends in middle-market private equity. Sector specialization continues gaining importance as firms seek competitive advantages in deal sourcing and value creation. ATL's focused strategy in aerospace and transportation exemplifies this approach, with deep industry networks and operational expertise differentiating the firm from generalist competitors.

Co-investment platforms like AMCSI are proliferating as middle-market firms seek flexible capital sources. These structures allow lead sponsors to maintain control while accessing additional equity and operational resources. For limited partners, co-investment platforms offer exposure to middle-market deals with lower fee structures than traditional fund investments.

The aviation sector's attractiveness to private equity remains strong despite pandemic-era volatility. Long-term growth drivers including emerging market aviation expansion, fleet modernization, and sustainability transitions create multiple investment themes. Ground support equipment, as critical infrastructure supporting these trends, offers exposure to aviation growth with different risk characteristics than aircraft manufacturing or airline operations.

The SkyMark-Rampmaster combination enters a favorable market environment with clear growth drivers and differentiated capabilities. Success will depend on execution: integrating operations efficiently, retaining key customers and talent, and capitalizing on the electric vehicle transition in aviation ground support.

For ATL Partners, the transaction represents another test of its sector-focused strategy. The firm's track record in aerospace provides confidence, but each platform investment carries unique challenges. The partnership with AMCSI adds operational resources that could prove decisive in navigating integration complexity.

The broader aviation ground support equipment market will continue consolidating as private equity firms and strategic buyers pursue scale and technology. This transaction positions the combined SkyMark-Rampmaster platform as a significant player in refueling equipment, with potential to expand into adjacent categories through organic development or acquisition.

As airports worldwide modernize infrastructure and airlines expand operations, the demand for sophisticated ground support equipment will grow. The question is whether this newly combined platform can execute its integration, capture market share, and deliver the returns its investors expect—a challenge that will unfold over the coming years as the aviation industry's recovery continues.