NOVA and Wafra Launch FBO Joint Venture

Firms invest in Hawthorne Global Aviation Services

Wafra Inc. ("Wafra"), a global alternative investment manager, and NOVA Infrastructure ("NOVA"), an infrastructure investment firm, announced today an investment in Hawthorne Global Aviation Services ("Hawthorne"). Hawthorne is a leading U.S. Fixed Base Operator ("FBO") with six locations, including four sole-source locations and three within top-10 Metropolitan Areas. Funds managed by Wafra and NOVA acquired Hawthorne from Moelis Capital Partners, which had owned Hawthorne since 2011.

With locations in New York, Chicago, and Atlanta, as well as highly desirable smaller markets, Hawthorne is positioned to capitalize on tailwinds in corporate and general aviation traffic across North America. Hawthorne's locations collectively offer a range of essential services, including fueling, hangaring and other ancillary services.

"We believe Hawthorne's existing locations form a leading, multi-region FBO network, and with NOVA and Wafra's support, we look forward to expanding our footprint to serve a greater portion of the aviation industry," said Chuck Kegley, CEO of Hawthorne.

Chris Beall, Managing Partner and Founder of NOVA, added, "We are excited to partner with the Hawthorne and Wafra teams to build a first-class aviation platform. We think the management team and assets are well-suited for this purpose and are excited to support this growing middle market company."

"Hawthorne has a history of strong operational performance and this investment represents an opportunity for organic and strategic growth in the fragmented market of FBOs. Together with NOVA, we look forward to seeing Hawthorne expand its reach, realizing its potential as a leading platform of FBO assets," said Adel Alderbas, Chief Investment Officer of Wafra.

NOVA and Wafra were advised by Solomon Partners, Jackson Walker LLP, and Cleary Gottlieb Steen & Hamilton LLP.

About NOVA Infrastructure

Founded by Chris Beall and Allison Kingsley, NOVA Infrastructure is an infrastructure investment firm that invests in environmental services, transportation, energy / energy transition, and communication sectors in North America. NOVA focuses on differentiated, value-added strategies in the middle market infrastructure segment. NOVA pairs the best downside protection features of the infrastructure asset class with operationally focused, value-added upside strategies. For more information, please visit www.novainfrastructure.com.

About Wafra

Wafra is a global investment firm with assets and capital commitments of over $32 billion (estimated as of December 31, 2021). Wafra pursues strategies across the spectrum of alternative investments, including real assets, infrastructure, private equity, real estate, strategic partnerships, liquid markets and venture capital. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with best-in-class asset owners, companies and management teams. Wafra currently has more than 60 investment professionals out of its principal office in New York, and affiliated and associated offices in London, Bermuda and Kuwait. For more information, please visit www.wafra.com.

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