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The announcement represents a strategic milestone for Phoenix Aviation Capital as it continues growing its portfolio of next generation assets.
DUBLIN and STAMFORD, Conn., July 12, 2024 /PRNewswire/ -- Phoenix Aviation Capital ("Phoenix"), a full-service aircraft lessor, and AIP Capital ("AIP"), a global aviation asset management and investment firm, today announced an agreement to acquire a portfolio of ten LEAP-1B engines from CFM International*.
The agreement demonstrates the strong relationship between the parties and CFM and will support the lessor's growth and mission of meeting the fleet and financing needs of its global airline customers. The state-of-the-art LEAP-1B engines are scheduled to be delivered between Q3 and Q4 2024.
Phoenix is managed exclusively by AIP and benefits from AIP's extensive experience in aviation and leadership. Mathew Adamo, Managing Partner at AIP, who serves on Phoenix's Board commented, "This order reflects a milestone in both AIP Capital's and Phoenix's growth strategy. We are excited to further expand our relationship with CFM and recognize the reliability, fuel efficiency, and performance of the LEAP engine family."
"We are proud to deepen our relationship with Phoenix Aviation Capital," said Gaël Méheust, president and CEO of CFM International. "This agreement bolsters our shared mission to reduce aviation's environmental impact and to lower operational costs for airlines through advanced technology and exceptional service and support."
The agreement bolsters Phoenix's portfolio which is comprised of new generation aircraft on long-term leases to a diversified customer base of airlines across the globe. Additionally, Phoenix has an orderbook of 30 737 MAX 8 aircraft with Boeing.
*CFM International is a 50/50 joint company between GE Aerospace and Safran Aircraft Engines.
About Phoenix Aviation Capital
Phoenix Aviation Capital is a full-service aircraft lessor focused on financing modern, in-demand aircraft and is dedicated to meeting the financing needs of its airline customers across the globe. Phoenix Aviation Capital is based in Dublin and is managed by AIP Capital, a global aviation asset management and investment firm.
For more information about Phoenix Aviation Capital or to speak with company executives, please contact investor.relations@phoenixaviationcap.com.
About AIP Capital
AIP Capital is a full-service aviation asset manager focused on opportunities in the aviation sector. AIP Capital believes its unique capital structure, relationships, and hands-on approach enable the firm to provide creative and bespoke solutions for airlines and other counterparties across market cycles. With offices in Stamford and Dublin, AIP is backed by a full platform of professionals across finance and accounting, technical, legal, risk management and underwriting.
For more information about AIP Capital or to speak with company executives, please contact investor.relations@aipcapital.com.
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