Global Jet Capital completes acquisition of GE corporate aircraft portfolio
Global Jet Capital has completed its acquisition of GE’s fixed-wing Corporate Aircraft financing portfolio.
The outstanding part of the portfolio covered about 30 aircraft based in Mexico and Brazil, . These accounts have now transferred to Global Jet Capital.
Although the majority of the aircraft financed by the company are based in the US and Canada, Global Jet Capital sees strong opportunities in markets outside North America.
“We are delighted to have fully completed the deal with GE, and brought the final tranche of accounts under the Global Jet Capital umbrella. This acquisition has allowed us to build a very strong base with secure income streams which will further enable us to develop into new markets,” said Shawn Vick, executive director of Global Jet Capital. “Mexico and Brazil are well established markets with good infrastructure. However, like in many regions, sources of funding are reducing in number so there is significant opportunity for us to step in and provide financing solutions.”
Dave Labrozzi, chief operating officer of Global Jet Capital said: “In my previous role at GE, I was heavily involved in establishing this portfolio and I’m really looking forward to building on it at Global Jet Capital. There is huge demand for aircraft financing around the world and we are expanding our team to help meet that demand and capitalize on new growth opportunities.”
Global Jet Capital is capitalised by three investment firms – GSO Capital Partners, a Blackstone company in partnership with Franklin Square Capital Partners; The Carlyle Group; and AE Industrial Partners.
The Brazilian fleet of mid-size, large cabin and jetliner business aircraft is around 330 strong, accounting for more than half the South American total. The equivalent Mexican fleet is approximately 570 aircraft, 60 of which were delivered in the last five years.