Management buys company, Altavair emerges

altavairOct. 4, 2016: Shifting in the aircraft leasing business continues. Guggenheim Aviation partners (GAP) has been purchased by GAP’s management, ending a relationship with the giant Guggenheim investment group that began as a joint venture in 2003.

In recent years, mega-lessor ILFC was acquired by AerCap; the Royal Bank of Scotland sold its leasing unit to a Japanese company to form SMBC Aviation Capital; Avolon, an Irish company, was purchased by China’s HNA Group which also may purchase CTI’s leasing arm, just to name.

GAP’s new name is Altavair AirFinance. There are more than 50 aircraft in the portfolio, mostly wide-bodies concentrated around the Airbus A330 and Boeing 777. There are also a number of narrow-bodies.

Steve Rimmer, the CEO and co-founder of the joint venture, continues as CEO of Altavair.

“Since the inception of our joint venture with Guggenheim in 2003, many changes have occurred in the aircraft leasing and finance sector, as well as the world of asset management,” Rimmer said.  “Recognizing these changes and their implications for the future, it became evident that each of us could better take advantage of these evolving markets if we were no longer affiliated.  On an amicable and constructive basis, our purchase of the platform means that our global management, marketing and support teams will remain intact ensuring our continuity.”

 

One Comment on “Management buys company, Altavair emerges

  1. Interesting timing, giving the current oversupply of widebodies, and sluggish current and foreseeable demand for same. Guess they don’t have many coming up short term for renewal. What do these guys know that the rest of the market doesn’t?

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