Irish-based aircraft and equipment leasing specialist, Apollo Aviation Group, plans to spend $220 million (€165 million) buying aircraft, engines and components for lease to airlines in Asia, Europe and North America.
The group, whose main operations are in Dublin where it employs 17 people, said yesterday it had agreed contracts to acquire the craft and equipment through the first five months of the year.
The craft and equipment include two A320 CEO aircraft, one A330-200, one A330-300, seven B737NGs, and seven engines. Ten of these craft are leased to airlines in Asia, Europe and North America.
Subsidiaries
Apollo is buying the craft and engines on behalf of Sciens Aviation Special Opportunities Investment Fund (SASOF) II, which two subsidiaries of the group manage.
The group, which has offices in Dublin, Miami and Singapore, specialises in acquiring mid-life or second-hand aircraft, engines and equipment, which it leases or sells.
Apollo Aviation has more than $1.4 billion of aviation assets under management, including over 110 aircraft and 70 aircraft engines. SASOF II has about $595 million available to invest in such assets.
Chairman William Hoffman said yesterday the business was continuing to acquire "favourably priced" aircraft and was becoming a significant lessor of equipment.
The group also announced it was appointing a former SR Technics senior manager, Pascal Picano, as head of marketing.
He will be responsible for acquisitions, marketing and sale of aircraft and engines in the group’s portfolio.
