AGC’s SinglePoint closes first aircraft finance deal
[nonmember]SinglePoint, the specialist aircraft finance company owned by private equity firm Acorn Growth Companies, has closed its first transaction financing a Hawker 800 XP business jet.::join::[/nonmember][ismember]
SinglePoint, the specialist aircraft finance company owned by private equity firm Acorn Growth Companies, has closed its first transaction financing a Hawker 800 XP business jet.
Acorn says the deal closed within a month of SinglePoint’s official launch.
“This quick closing validates our view that the market is seeking a more efficient approach to aircraft financial transactions. We anticipate a robust year of deal flow for SinglePoint as we apply our unconventional and proven approach to solving an unmet need,” said Tim Wilson, president of SinglePoint.
Acorn Growth Companies is a private equity firm that only invests in aerospace and defence. Under the operating brand AGC Aerospace & Defense, the company’s portfolio includes: maintenance company Valair Aviation; Commuter Air Technology, which offers upgrades for King Air aircraft and the C-12 military version; two composite companies; and four IT and logistics companies. AGC is split into four groups: composites, integrated defense, services and finance.
“This first commercial transaction has highlighted the synergies we hoped to achieve with AGC’s MRO focused operating company, Valair Aviation, allowing us to move quickly to complete the financing,” says Wilson.
The AGC Finance Group, which is headed by Wilson, includes SinglePoint and Aircraft Logistics Group, which has financed a number of special mission aircraft for the US army and which closed its first commercial aircraft engine leasing transaction in August 2010.
“Knowing the aircraft inside and out from a maintenance perspective gives us a unique ability to define potential risk,” said Rick Nagel, a partner at Acorn Growth Companies. “The combination of access to capital, operations – centric risk assessment, and ability to mitigate that risk with inâ€house maintenance capability will define our competitive advantage in this space as we unite the unique attributes of SinglePoint.”