Propeller Airports, which operates the Payne Field passenger terminal in Everett, said Wednesday it has agreed to acquire Castle & Cooke, a small private jet and corporate jet service base at the airport.
Castle & Cooke is a so-called fixed base operator that provides refueling, catering, cleaning and hangar services for private jets.
Propeller did not disclose the acquisition cost, but CEO Brett Smith said he intends to invest $ 20 million in the region to rehabilitate existing infrastructure, including a new FBO terminal and hangar complex, and ancillary facilities.
Payne Field has had a place of business for 35 years. Propeller said in a statement that as the region continues to grow, “there is a need for additional quality infrastructure to serve the general / corporate aviation community.”
Propeller designed, built and operates the Payne Field passenger terminal in a public-private partnership with Snohomish County.
Since the opening of the passenger terminal in March 2019, commercial services have grown rapidly. The terminal served 48 arrivals and departures daily and has received praise from commercial airline passengers for its convenience and service.
The COVID-19 pandemic has led to a slump in air travel that has hit this business, which remains depressed as airlines struggle to get back to full flight schedules. Currently, only Alaska operates from Payne Field, with 10-12 arrivals and departures per day.
Smith said he intends to provide private aviation customers with the same level of service as commercial passengers at the airport.
Propeller created a new subsidiary, Propeller Aero Services, to develop and operate the private jet. The deal is expected to close by the end of next month.