Aviator reported Toronto based private-equity firm Almada, led by Martin Goldfarb and Alon Ossip, will launch a new aircraft leasing company of the same name, backed by a C$80 million investment.

The new company will initially acquire four commercial aircraft, including one B737-800, one A321, and two Q400s, and additionally one Basler BT67. The fleet is expected to grow 12 aircraft in the short-term, a $150-200 million investment.

Almada will focus on narrowbody aircraft, roughly eight to 10 years old, with Stellwagen acting as the servicer of the aircraft. Stellwagen will also assist in acquiring, leasing and selling additional aircraft.

Almada plans to lease its fleet to mainly airlines, as well as governments, cargo companies and NGOs.