BOCA RATON, Fla., Oct. 5, 2015 /PRNewswire/ -- Global Jet
Capital, a provider of financing solutions for large-cabin,
long-range private jets, has agreed to purchase the aircraft lease
and loan portfolio of GE Capital Corporate Aircraft in the Americas
representing approximately $2.5
billion of net assets.
Shawn Vick, Executive Director of
Global Jet Capital said, "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."
He added, "This is a remarkable portfolio of corporate aviation
assets, and this investment underlines our confidence in the
long-term growth prospects of the large cabin, long range private
jet market. The price point of these aircraft range between
$25 and $75 million on average, and
corporate users and high net worth individuals will seek
competitive financing solutions rather than allocate their own cash
resources which are better invested in their own businesses."
In building the Corporate Aircraft portfolio, GE Capital has
adhered to the most comprehensive underwriting and asset evaluation
practices as well as industry-leading documentation and collateral
securing processes.
"We are pleased to sell our Corporate Aircraft financing
portfolio to Global Jet Capital, a buyer that is fully committed to
investing and growing the business," said Keith Sherin, GE Capital Chairman and
CEO. "We know our customers will benefit from the combined
strength and expertise of the Global Jet Capital team and will
continue to receive the high level of service they have come to
expect from us," he added.
Global Jet Capital, which was launched last year, is capitalized
by three global investment firms – GSO Capital Partners, a
Blackstone company in partnership with Franklin Square Capital
Partners*; The Carlyle Group; and AE Industrial Partners.
The company's current management team and executive committee is
composed of leaders from business jet manufacturers, maintenance
and service providers and leading financial institutions who have
served the private aircraft industry for a combined 200-plus years
and have completed over 3,500 aircraft transactions. As part of
this transaction, the GE Capital Corporate Aircraft team will join
the Global Jet Capital organization.
Global Jet Capital was advised by Deutsche Bank Securities Inc.,
BofA Merrill Lynch and Citi together with Latham & Watkins LLP,
Clifford Chance US LLP and Kirkland & Ellis LLP as legal
advisors. Closing is contingent upon the completion of
customary closing conditions and is expected to occur in stages
over the next several months.
Global Jet Capital
Global Jet Capital is a financial
services company providing financing solutions for the private
aircraft market. The business is capitalized by world-class private
investors with expertise in the global aviation industry: GSO
Capital Partners, a Blackstone company, in partnership with
Franklin Square Capital Partners, The Carlyle Group and AE
Industrial Partners. We offer a management team with expertise in
financing, asset management, acquisition, marketing, lease
administration and product support that understands the intricacies
of the private aircraft market. Global Jet Capital serves virtually
all jurisdictions and has the capital and expertise to meet the
needs of the global private aircraft market, with flexibility and
speed. www.globaljetcapital.com
GSO Capital Partners and Franklin Square Capital
Partners
GSO Capital Partners, with approximately
$81 billion in assets under
management, is the credit platform of The Blackstone Group, a
leading global institutional alternative asset manager, with assets
under management of approximately $330
billion**. Franklin Square Capital Partners is a leading
manager of alternative investment funds designed to enhance
investors' portfolios by providing access to asset classes,
strategies and asset managers that typically have been available to
only the largest institutional investors. Franklin Square manages over $16.8 billion** in assets. Franklin Square's funds are currently
sub-advised by GSO or its affiliates.
www.blackstone.com/gso
* Investment to be made by funds advised or sub-advised by GSO
Capital Partners and Franklin Square Capital Partners or their
respective affiliates, as applicable.
** As of June 30, 2015
The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a
global alternative asset manager with $193
billion of assets under management across 128 funds and 159
fund of funds vehicles as of June 30,
2015. Carlyle's purpose is to invest wisely and create value
on behalf of its investors. Carlyle invests across four segments –
Corporate Private Equity, Real Assets, Global Market Strategies and
Solutions – in Africa,
Asia, Australia, Europe, the Middle
East, North America and
South America. Carlyle has
expertise in various industries including aerospace, defense and
government services; consumer and retail; energy; financial
services; healthcare; industrial; real estate; technology and
business services; telecommunications; and media and
transportation. The Carlyle Group employs more than 1,700 people in
35 offices across six continents. www.carlyle.com
AE Industrial Partners
AE Industrial Partners is a
private equity investment company founded in 1998, by David Rowe and his late father, aviation pioneer
Brian Rowe, to make direct
investments in aerospace, power generation and specialty industrial
companies. Today AE Industrial is led by 11 partners with each
having an average of over 30 years of relevant operating and direct
investment experience. AE Industrial is focused on investing
in precision component manufacturing, distribution, MRO
(maintenance, repair and overhaul) and industrial service-based
businesses that are strategically important to their
market places. AE Industrial has invested in over 30 companies
including: Aviall, Dynamic Precision Group, Grand Prairie Accessory
Services, Landmark Aviation, Kellstrom Materials and Belcan
Corporation. www.aeroequity.com
Media Contact:
Aimee Talbert
Nardini
561.212.1594
[mobile]
atalbertnardini@globaljetcapital.com
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SOURCE Global Jet Capital