Dublin-based Avolon, one of the largest aviation finance companies in the world, has announced the completion of the acquisition of Castlelake Aviation from Castlelake L.P.’s aviation platform. The transaction was first announced on 13th September 2024.
Castlelake Aviation, also based in Dublin, had a portfolio of 106 aircraft on lease and commitments for 10 new-technology aircraft at the time of the transaction. Following the acquisition, Avolon’s fleet increases to 1,129 aircraft, including 664 owned and managed aircraft, and commitments for 465 new-technology aircraft.
Speaking back in September when the deal was first announced, Andy Cronin, Avolon CEO, said: “This transaction accelerates our growth plans adding a portfolio of assets that will further strengthen our cashflow and earnings profile. Our balance sheet strength, high levels of liquidity, and established capital markets access have enabled us to acquire these assets. They are complementary to our existing portfolio and will increase our fleet at attractive yields, supporting our positive ratings trajectory.”
Joe McConnell, Castlelake Partner and Deputy Co-Chief Investment Officer commented: “We’re pleased to collaborate with Avolon on this notable transaction, delivering what we believe is a win-win for all parties: returning capital to Castlelake’s and CA Ltd.’s investor stakeholders, position lessees for ongoing high-quality asset management services, and provide Avolon with a fleet of high-quality aircraft assets.”
Avolon works with 140 airlines in 59 countries around the world.
