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W. Stephen Dennis

Steven Dennis

Qualifications Summary

W. Stephen (Steve) Dennis specializes in the valuation, sale, acquisition, merger, and strategic planning of aviation services companies. He has over forty (40) years of varied experience within the private and executive aviation industry, including holding top executive and senior management positions with some of the most well-known companies in the industry.

In founding Aviation Resource Group International in 1975, he established the industry’s first aviation business valuation system which continues to be predicated upon an industry-wide database that tracks, validates and records actual sales data and value parameters of completed aviation transactions. ARGI’s valuation methodology and industry market-metrics provide clients with the most reliable and market-tested approach for valuing, acquiring, or divesting of their aviation businesses.

In the USA, Mr. Dennis developed the West Los Angeles FBO at Santa Monica Airport formerly known as Supermarine, and led the development of Combs-Gates Aviation (formerly AMR Combs, now Signature Flight Support).  In addition, Mr. Dennis, as the Chief Operating Officer of Jet Aviation established Jet Aviation’s USA operations.

Mr. Dennis’ career path includes top positions in USA and Europe in developing aviation service companies. Major projects include: the reorganization of Harrods Aviation, London; planning design and development of TAG Aviation’s Farnborough Airport, London; planning, design, and development of Eccelsa Aviation for His Highness the Aga Khan, Costa Smeralda, Sardinia, and other international projects in, Russia, Latvia, Ukraine, India and China

Mr. Dennis began his career as Clinton Aviation the first FBO at Centennial Airport, Denver, Colorado, initially in flight operations, rising to the position of Vice President and General Manager, prior to joining Combs-Gates as its Vice President of Operations.

Mr. Dennis is an ATP rated Commercial Pilot, Certified Member (CM) of the American Association of Airport Executives, and former Board Member of the National Air Transportation Association.  He received his Bachelor of Science Degree in Business and Finance, as well as a Master’s Degree in Airport Planning and Development from the University of Colorado, Boulder.


Professional Experience

November 1984 – November 1990

Executive Vice President and Chief Operating Officer of Jet Aviation of America, the U.S. FBO division of Zurich-headquartered Jet Aviation Group of Companies, which operates 23 FBOs throughout the world. Mr. Dennis oversaw the acquisition, development and operation of over $100 million in operating assets.
November 1972 – July 1984

Chief Operating Officer of Combs Gates Aviation, which later became AMR Combs, the private aviation services company of AMR Corporation and American Airlines. Primarily responsible for the corporate operations division, which encompassed (12) twelve full-service FBOs located throughout the U.S., Mexico and Hong Kong. In addition his responsibilities included the development and implementation of strategies for expanding the company internationally through both acquisition and ongoing growth.
March 1975

Mr. Dennis founded FBO Resource Group International which later became Aviation Resource Group International (not affiliated with ARG-INTL Ltd.).
June 1963 – October 1972

Executive Vice President and General Manager of Clinton Aviation, a full service FBO located at Centennial Airport in Englewood, Colorado.



Bachelor of Science Degree in Business from the University of Colorado, Boulder.
Masters Degree in Airport Planning and Development from the University of Colorado, Boulder.
Airport Management Certification Program from the University of North Texas, Denton.
FAA Commercial Pilot / 2500 hrs. total time.
ATP Rating.



Founded FBO Resource Group / Aviation Resource Group International
Developed the original FBO Enterprise Valuation Methodology
Extensive contributions to Industry Trade Publications (Professional Pilot Magazine, Aviation International News and The Airport and Business Journal
Valued and sold over 130 Aviation companies since 1975
Assisted in the strategic planning and development of the Aviation Registry Group


Memberships & Commendations

American Association of Airport Executives (AAAE), Certified Member (CM)
National Air Transportation Association (NATA), Former member of the Board of Directors
National Business Aviation Association (NBAA), Associated Membership Advisory Council
Aircraft Owners & Pilots Association (AOPA), Aircraft Registration Committee


Personal Information

Married to Dr. Jolanta (Sekulska) Dennis, (2) two adult children.
He resides in Altoona, Pennsylvania and Miami, Florida.