Ernesto Bertarelli and K.C. Armada, LP filed an amended Schedule 13G with the SEC on November 4, 2026, disclosing beneficial ownership of Class A common stock in Madison Air Solutions Corp as of September 30, 2026.

Key Highlights

  • Aggregate beneficial ownership: Ernesto Bertarelli reported beneficial ownership of 53,611,595 shares of Class A common stock, representing 20.0% of the class.
  • K.C. Armada, LP holding: K.C. Armada, LP separately reported 46,387,522 shares of Class A common stock, representing 17.3% of the class.
  • Kedge Capital stake: The 53,611,595 shares attributed to Bertarelli include 7,224,073 shares held by Kedge Capital Principal Opportunities V, LP, in addition to the K.C. Armada, LP shares.
  • No sole voting or dispositive power: Both reporting persons disclosed 0 shares with sole voting power and 0 shares with sole dispositive power; all shares are reported as shared.
  • Share count basis: Percentage calculations are based on 177,342,753 shares outstanding as of July 28, 2026, plus 90,108,130 shares issued in a private placement that closed September 1, 2026.
  • Event date: The date of the event requiring this filing is stated as September 30, 2026.

Bertarelli and K.C. Armada Disclose Combined Position in Madison Air Solutions

According to the amended Schedule 13G filed November 4, 2026, Ernesto Bertarelli, a citizen of Switzerland, and K.C. Armada, LP, a Jersey limited partnership, are the two reporting persons. The filing states that Bertarelli "may be deemed to beneficially own the shares held by K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP." The principal business address for both reporting persons is listed as Gaspe House, 2nd Floor, 66-72 Esplanade, St Helier, JE1 1GH Jersey.

The filing discloses that the 53,611,595 shares attributed to Bertarelli consist of 46,387,522 shares held by K.C. Armada, LP and 7,224,073 shares held by Kedge Capital Principal Opportunities V, LP. K.C. Armada, LP reports its own position of 46,387,522 shares as shared voting and shared dispositive power, with zero sole power over any shares. The issuer, Madison Air Solutions Corp, is located at 444 West Lake Street, Suite 4460, Chicago, IL 60606, according to the filing.

The percentage figures in the filing are calculated against a total share count derived from two sources: 177,342,753 shares of Class A common stock outstanding as of July 28, 2026, as reported in the issuer's Form 10-Q filed July 30, 2026, plus 90,108,130 shares of Class A common stock issued in a private placement that the filing states closed on September 1, 2026. The filing is designated Amendment No. 1 to a prior Schedule 13G. The CUSIP number for the Class A common stock is listed as 55658T105.

What Was Disclosed

Ernesto Bertarelli and K.C. Armada, LP filed an amended Schedule 13G reporting beneficial ownership of 53,611,595 and 46,387,522 shares, respectively, of Madison Air Solutions Corp Class A common stock, representing 20.0% and 17.3% of the class as of September 30, 2026.