Propeller Airports

What Propeller Airports does

Propeller Airports is a privately held U.S. airport infrastructure developer and operator that invests in, develops, and manages passenger terminals and aviation facilities under public-private partnership (P3) agreements. Founded in 2009 as a subsidiary of Propeller Investments and headquartered in Everett, Washington, the company owns and operates the only fully private airport-wide terminal concession in the United States — Seattle Paine Field International Airport (PAE) — and targets municipal airport authorities seeking private capital partners to fund terminal construction without burdening public resources. Its core go-to-market is enterprise field sales into government and airport authority buyers, with pipeline development supported by leadership drawn from Allegiant Air, Alaska Airlines, Southwest Airlines, the FAA, and Airports Council International.

Propeller's product surface centers on real-asset airport infrastructure: greenfield terminal construction, facility modernization, ticketing and gate reconfiguration, concourse expansion, airside projects, Fixed Base Operations (FBO), and Sustainable Aviation Fuel (SAF) R&D center participation. The underlying technology stack is operational rather than software-driven, encompassing facility design partnerships (Fentress Architects), ground-handling operations (McGee Air Services), parking services (Republic Parking), and concession partnerships (Beecher's Handmade Cheese). An automated fever detection system was deployed at PAE for health screening, but no AI/ML or digital platform capabilities are disclosed. The company has accumulated multiple industry awards (Newsweek, USA Today, Monocle, The Washington Post) and reports $6 billion-plus in regional economic activity generated since opening.

Propeller generates revenue through three streams: (1) terminal operations and concessions — airline landing fees, retail and F&B concession income, passenger facility charges, and tenant rental income at the PAE terminal; (2) Fixed Base Operations — fuel sales, hangar rental, aircraft parking, and ground handling services through Propeller Aero Services; and (3) airport infrastructure development and engineering fees from project-based work. Capital is anchored by Global Infrastructure Partners (~$112B AUM) and the Washington State Investment Board, both of whom invested alongside Propeller in the Paine Field project in October 2019. Customer segments include regional travelers in the Pacific Northwest, general aviation and corporate aircraft operators, and government airport authorities.

Name

Propeller Airports

Legal name

Propeller Airports LLC

Website

https://propellerairports.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Propeller Airports is a privately held U.S. airport infrastructure developer and operator that finances, builds, and manages passenger terminals and FBOs under public-private partnerships, operating Seattle Paine Field International Airport and Propeller Aero Services.

Ownership category

akta.pro rank

Product category

Airport Infrastructure & Terminal Operations

NAICS

Airport Operations (48811), Support Activities for Air Transportation (4881)

SIC

Airports, Flying Fields & Airport Terminal Services (4581)

akta.pro primary industry

Aviation Infrastructure Agencies (Public Airports, Airfield Ops, Ground Access) (BPAIALAE)

akta.pro secondary industries

Airport Terminal & Aviation Facilities Building Construction (IMAFACAL), Private Aviation Terminals & FBO Services (THABAFAH)

Keywords

• Airport infrastructure development
• Passenger terminal operations
• Fixed base operations
• Public-private partnerships
• Aviation ground services

Headquarters

HQ city

Everett

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Passenger Terminal Operations & Concessions: Propeller generates revenue by owning and operating passenger terminals at commercial airports under public-private partnership agreements. Revenue is derived from airline landing fees, terminal concession revenues (retail, food & beverage), passenger facility charges, and rental income from tenants. The company controls the full curb-to-gate experience, including technology, concessions, and hospitality services.
2. Fixed Base Operations (FBO): Propeller Aero Services provides full-service ground support for aircraft of all sizes at Paine Field, generating revenue from fuel sales, hangar rental, aircraft parking, and ground handling services for private and commercial aviation.
3. Airport Infrastructure Development & Engineering: Propeller develops and engineers airport infrastructure (terminals, concourses, airside projects) for public and private airport owners, generating development fees and project-based revenue. Services include master planning, greenfield terminal development, facility modernization, and design oversight.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Propeller Airports invests in, develops, and manages airport infrastructure through public-private partnerships (P3s), privately funding, building, and operating passenger terminals and ancillary facilities. Its operations include Seattle Paine Field International Airport (PAE) — a passenger terminal in Everett, WA — and Propeller Aero Services, a Fixed Base Operation (FBO) providing full-service aircraft ground support. The company also performs airport infrastructure development and engineering such as greenfield terminal construction, facility modernization, ticketing and gate reconfiguration, expanded concourses, and airside projects.

Product overview

Propeller Airports operates a dual-product portfolio focused on airport infrastructure and aviation services: (1) Seattle Paine Field International Airport — a passenger terminal providing commercial airline service, and (2) Propeller Aero Services — a Fixed Base Operation (FBO) offering ground support for aircraft. Both products are co-located at Paine Field in Everett, WA, and share the Propeller Airports brand and operational infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Propeller Aero Services: Metro Seattle's newest Fixed Base Operation providing full-service ground support for aircraft of all sizes at Paine Field.

Products and services

• Seattle Paine Field International Airport (PAE) Passenger Terminal A passenger terminal at Paine Field in Everett, WA, operated by Propeller Airports as a public-private partnership. It provides commercial airline service with a focus on best-in-class travel experience and is less than 30 minutes from downtown Seattle. Currently serves Alaska Airlines, Frontier Airlines, and other carriers on routes across the U.S.
• Propeller Aero Services (Fixed Base Operation) A Fixed Base Operation (FBO) at Paine Field providing full-service ground support for aircraft of all sizes, including fuel sales, hangar rental, aircraft parking, and ground handling services for private and commercial aviation. Offers easy access to downtown Seattle and the greater Puget Sound region.
• Airport Infrastructure Development & Engineering Services Master planning, greenfield terminal development, facility modernization, ticketing and gate configuration redesign, expanded concourses, and airside project development for commercial and industrial uses (manufacturing, service industries, transportation, on-airport hospitality). Services delivered to public and private airport owners under bespoke contracts.

Quantifiable outcome

• Ranked among the top 5 best airports in the U.S. by The Washington Post (2025)
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Beecher's Handmade CheeseminorOthers · 16 November 2018Beecher's Handmade Cheese was selected to manage food & beverage concessions for the new terminal at Paine Field, providing passenger-facing dining options as part of the terminal's concession program.
• Republic ParkingminorImplementation/ SI/ Consulting Partner · 29 October 2018Propeller Airports and Republic Parking signed an agreement to provide parking and customer services at Paine Field passenger terminal.
• McGee Air ServicesminorImplementation/ SI/ Consulting Partner · 3 October 2018Propeller selected McGee Air Services for ground handling and logistics services at Paine Field passenger terminal.
• Fentress ArchitectscoreStrategic or Co-development Partner · 28 April 2016Propeller announced that leading airport architecture firm Fentress would oversee the design of the Paine Field passenger terminal. Fentress is known for award-winning airport designs globally.

Scale indicators4 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Million Air: Network of FBO locations across North America serving corporate and general aviation operators. Comparable as a regional/mid-sized FBO competing for business aviation traffic at secondary airports.
• Atlantic Aviation: U.S. FBO network operating 100+ locations across major metropolitan areas. Direct competitor for general aviation ground handling, fuel, and hangar services that constitute Propeller Aero Services' core FBO business line.
• Signature Flight Support: The world's largest Fixed Base Operator (FBO) network with 200+ locations, including presence at Seattle-area airports. Directly comparable to Propeller Aero Services' fuel, hangar, and ground-handling offering to business/corporate aviation.
• Vantage Airport Group: Vantage is a pure-play airport operator that develops, invests in, and manages airports under P3 arrangements across North America, the Caribbean, and Europe. Its mandate (privatize, modernize, operate regional airports for public owners) maps 1:1 to Propeller's Paine Field model.

Broad incumbents

• Aeroports de Paris (Groupe ADP): Globally significant private-sector airport operator (Paris-CDG, Paris-Orly, TAV Airports) with extensive P3 experience, including international airport management contracts. Represents the large-cap end of the airport privatization space Propeller operates in.
• Fraport USA: Fraport USA, part of Fraport AG (operator of Frankfurt Airport), develops and manages terminal concessions at U.S. airports (e.g., Newark Terminal One, retail concessions at multiple airports). It competes for the same P3 mandates as Propeller with the backing of a globally listed airport operator.
• Aena: World's largest airport operator by passenger volume, running Spain's airport network under a concession model and growing internationally. A benchmark for how scale, operating discipline, and concession renewals compound platform value over time.
• Corporación América Airports: Operates a global portfolio of 50+ airports under concession agreements (Brazil, Argentina, Uruguay, Armenia, Ecuador, Italy). A direct functional peer to Propeller's P3-led terminal privatization model, with substantially greater international scale.
• Macquarie Asset Management (MAV Holdings): Macquarie manages listed airport infrastructure vehicles (e.g., MAV) holding stakes in Bristol, Sydney, and other airports. A potential capital and competitive peer for larger U.S. airport P3 deals where Propeller might bid.

Emerging players

• Modern Aviation: A growing FBO platform formed through acquisitions of independent FBOs across the U.S., offering the same fuel, hangar, and ramp services as Propeller Aero Services at secondary airports. Closely comparable given its focus on boutique, service-led FBOs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/flypainefield
• Instagraminstagram.com/flypainefield

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Propeller Airports