AGC Aerospace & Defense (AGC) has announced the merger of its financial unit, SinglePoint Aircraft Finance with Aerolend.
SinglePoint Aircraft Finance (SinglePoint) and Aerolend both specialise in providing private and commercial aircraft finance solutions.
Tim Wilson, president of SinglePoint, said: “The merger is part of AGC’s strategy to strengthen its position in the consumer aircraft business by providing greater economies of scale, flexibility and cost efficiency.”
“In addition, the company will benefit from market synergy, streamlined business monitoring, portfolio diversification and market expansion,” added Wilson.
The merged entity will remain branded as SinglePoint and will continue to be a strategically important subsidiary of AGC Aerospace & Defense.
Dave Cooperman, former president of Aerolend, said: “Another added value is the wealth of experience in banking, and the intimate knowledge of aircraft and aircraft engines that will result from the union of key executive management from both companies”
Wilson, who has 15 years as an established commercial lender in the aviation community, will continue to lead the operations and management of assets as president of SinglePoint.
Cooperman will lead the business development activity of the merged company.
AGC Aerospace & Defense is a brand of private equity group Acorn Growth Companies.