Global Jet Capital buys GE Portfolio
When Shawn Vick announced the launch of Global Jet Capital at NBAA last year he said that the new finance company had “$2.5 billion of capital to deploy.”
Although they have closed a few international deals in the last year, today they really pulled the trigger and bought GE’s $2.5 billion corporate aircraft finance portfolio (the amount they have paid has not been disclosed). GE’s 15 person corporate aircraft team will also move to Global Jet Capital.
The portfolio consists of loans and leases on more than 300 aircraft in the US, Canada, Mexico and Latin America. Vick says that most of the aircraft are valued between $25 and $75 million and that the portfolio has a mix of companies and high net worth individuals. Full story here
“We are investing heavily in growing the business both organically and through strategic acquisitions such as this one with GE. This is a prime example of our industry expertise and investment capital coming together to evaluate and identify an opportunity to expand the business in a disciplined, carefully measured way,” said Vick, who is speaking at CJI Miami Conference in two weeks’ time (Global Jet Capital was actually announced at CJI Miami last year).
It means that Global Jet Capital has become one of the largest financiers of business jets in just 12 months. Global Jet Capital is backed by GSO Capital Partners (part of Blackstone), Franklin Square Capital Partners, The Carlyle Group and AE Industrial Partners.
Global Jet Capital is also set to announce a new $1 billion warehouse loan, giving Vick and his team even more capital to deploy – both on portfolios and individual aircraft.