Michael Amalfitano joins Stonebriar Commercial Finance
Michael Amalfitano has joined Stonebriar Commercial Finance to build a corporate aircraft finance portfolio.
Stonebriar, which only launched in April 2015, is a new commercial finance company backed by Security Benefit Corporation, the insurance and pension company. It offers rail, marine, manufacturing, energy and corporate real estate finance and has committed to deals worth more than $160 million and funded $110 million in the last three months.
Amalfitano left Bank of America earlier this year having led its global aircraft finance team for more than 20 years. Although it is a start-up, Stonebriar has launched with a team of extremely experienced asset financiers. Amalfitano, who has 33 years’ experience in corporate aircraft finance, joins a team with others from AIG, GE and Wells Fargo.
Amalfitano will report to Dave Fate, Stonebriar’s CEO and president. Fate was previously CEO of AIG Commercial Finance.
“Michael brings remarkable experience and tremendous credibility to this role”
“Michael brings remarkable experience and tremendous credibility to this role, adding considerable strength and market presence given his solid reputation within the aviation industry, to broaden our financial services capabilities and product lines,” said Fate.
Amalfitano says there is a definite gap for aircraft finance. “We are not looking to compete with banks like Bank of America or PNC but we believe there is an underserved market that wants aircraft finance,” says Amalfitano. “There was an exodus of financial institutions in 2008 and they have not all come back. We see a definite space for small and middle sized businesses that need an aircraft for their business and cannot find finance.”
Stonebriar’s first aircraft deals will be for US clients but it plans to finance corporate jets all over the world.
“The strategy is to leverage the unique capabilities of Stonebriar, a well-funded and nimble organization, by providing financial terms and structures not generally offered by regulated institutions, allowing for greater flexibility in advance rates, terms, amortization, aircraft age and usage, while generating premium economic returns,” said Amalfitano.
“We intend to focus on the now underserved corporate aircraft finance market vacated by many institutions post-2008 crisis including finance companies”
“We intend to focus on the now underserved corporate aircraft finance market vacated by many institutions post-2008 crisis including finance companies, such as GE Capital, who recently announced its intent to exit the space,” added Amalfitano. “Servicing this market will help promote the growth of business aviation for Stonebriar’s clients while driving asset and income growth for the company.”
One head of aircraft finance at an established bank said: “This is exciting. They have very strong backing – which should give them a competitive hurdle rate and the management team’s pedigree is extremely impressive. Bossidy ran a very big successful operation and Fate grew a very big and successful business – and everyone in business aviation finance knows how good Michael is.”
“Everyone in business aviation finance knows how good Michael is.”
Paul Bossidy, chairman of Stonebriar added: “I am very excited for Michael to be a part of the Stonebriar management team,” said. “With his expertise, I am confident that Stonebriar will quickly become a leading source of business aviation finance solutions.”
Stonebriar Commercial Finance
Stonebriar’s management team
Dave Fate, CEO and president
Former CEO and COO at AIG Commercial Finance
Paul Bossidy, chairman
Former president and CEO of GE Commercial Equipment Finance.
Steve White, managing director
Former senior managing director for capital markets at GE Commercial Finance
Tim Milazzo, CFO
Former CFO at SMBC Rail; CFO, Flagship Rail Services; CFO, AIG Rail Services and vice president and CFO AIG Commercial Equipment Finance
Michael Amalfitano, EVP and senior managing director
Former global head of corporate jet finance at Bank of America
Kevin Sensenbrenner, SVP and senior managing director, asset management
Former VP and equipment management manager with Wells Fargo Equipment Finance.
Andrew Fletcher, SVP and general counsel
Former SVP, general counsel and secretary, AIG Commercial Asset Finance