Business
TPG-Backed PS to be Acquired by Groupe ADP
LOS ANGELES & SAN FRANCISCO & PARIS--(BUSINESS WIRE)-- PS (formerly known as The Private Suite), an operator of private luxury terminals serving commercial
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[{"type":"text","content":" LOS ANGELES & SAN FRANCISCO & PARIS--(BUSINESS WIRE)--\nPS (formerly known as The Private Suite), an operator of private luxury terminals serving commercial flights, and TPG (NASDAQ: TPG), a leading global alternative asset management firm, today announced that TPG has entered into a definitive agreement to sell PS to Groupe ADP, an international airport operator. The transaction is subject to regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.\n\n\nAs the first operator of private terminals serving commercial travel in the United States, PS has served nearly 250,000 passengers since opening its first location at Los Angeles International Airport (LAX) in 2017. Far removed from the bustle of the surrounding airport and just steps away from the airfield, PS offers the ease, privacy, and security of the private flight experience for commercial travel. The company’s suites provide members with complete privacy in their own spacious accommodation, while the salon offers a sophisticated social lounge perfect for solo travelers or small groups. Guests can enjoy a reimagined pre- and post-flight experience while the PS Control Room coordinates with government, security, and airline officials to ensure a seamless flying experience.\n\n\nFollowing impressive growth at LAX, PS opened its highly anticipated second location at Hartsfield-Jackson Atlanta International Airport (ATL) in 2023 and additional flagship locations are under development at Dallas Fort Worth International Airport (DFW) and Miami International Airport (MIA).\n\n\n“When we started PS, we were initially in the security and logistics business, but over time, the demand for our services has evolved and expanded to deliver that same experience with the added convenience and luxury that has become synonymous with the PS brand,” said Amina Belouizdad Porter, CEO of PS. “With TPG’s resources and operational insights, coupled with our team’s deep hospitality expertise, we have successfully built a first-of-its-kind luxury travel service for commercial flyers – and we are just getting started. We are now at an exciting inflection point with ambitions to create an international brand and believe this partnership with Groupe ADP will enable us to offer more locations and experiences to our members, while creating new and excit...