Funds managed by affiliates of Fortress Investment Group, alongside GOAL Aircraft Leasing, have acquired four new Embraer E195-E2 aircraft from Porter Airlines as part of a sale-leaseback transaction.
The aircraft will be operated by Porter under a long-term lease agreement. Two aircraft have already been delivered to Porter, and the remaining two aircraft will be delivered during 2025. Fortress has also entered into a servicing agreement with GOAL for the four aircraft. Ashland Place Finance is providing debt financing to Fortress and GOAL for the transaction.
“Fortress is pleased to work with Porter Airlines, GOAL and Ashland Place Finance on this sale-leaseback transaction,” Matthew Mortara, managing director at Fortress, said. “Porter’s brand, elevated all-economy service and ongoing network growth – especially to underserved markets – are helping the company secure an increased share of airline travel across Canada and the broader North America region. We’re delighted to support the company’s acceleration of that growth in a capital-efficient way through this transaction.”
“This transaction illustrates our ability to offer borrowers financing on a range of assets that have strong underlying cash flows,” Dominick Ruggiero, global co-head of asset-based credit at Fortress, said. “We believe that Porter’s continued investment in its operations and increasing market share make this sale-leaseback transaction a compelling investment opportunity for our fund investors.”
“The E195-E2 plays a central role in our ability to deliver a leading customer experience for economy passengers, including the much-appreciated two-by-two configuration that eliminates middle seats,” Julian Low, vice president, corporate development at Porter Airlines, said. “The aircraft has proven to be incredibly efficient, outperforming key operational and financial targets since entering our fleet in 2023. We value our continuing relationship with GOAL, and welcome Fortress and Ashland Place as new partners.”
