ATL Partners, PSP Investments Launch Aviation Leasing Unit
OCT 21, 2015 - 7:56 am
ATL Partners, an aerospace and transportation focused private equity firm, is partnering with the Public Sector Pension Investment Board (PSP Investments) to form SKY Leasing.
As part of the transaction, SKY Leasing will acquire certain assets of Sky Holding Company controlled by leasing industry veteran Richard Wiley. Wiley and other key members of SHC management will form the leadership team of SKY Leasing.
“We are very excited to partner with ATL and PSP Investments, two investors with a deep understanding of the commercial aerospace sector,” said Wiley. “We look forward to building a best-in-class lessor with an initial target of $1 billion of Boeing and Airbus aircraft.”
With headquarters in Dublin, Ireland, and ancillary operations in San Francisco, California, SKY Leasing has over $250 million of initial equity capital available to provide sale/lease-back financing solutions globally to commercial airlines seeking to lease young mid-life Boeing and Airbus aircraft. SKY Leasing will also act as servicer to 54 aircraft on behalf of three securitizations.
“We have admired Richard’s prior ventures at SHC, Pegasus and Jackson Square Aviation and are delighted to partner with him and his management team in establishing SKY Leasing,” said Frank Nash, CEO of ATL. “As a sector-focused private equity fund, ATL is mandated to deploy equity capital into the transportation continuum and we see tremendous opportunity in delivering financial solutions to the global commercial fleet.”
“As a long-term investor, PSP Investments views aviation finance as an attractive sector to deploy significant capital in the years ahead,” said Jim Pittman, managing director of Private Equity for PSP Investments. “This investment is consistent with our direct and co-investment strategy to partner with experienced management teams who have the capability to scale investments over time. We look forward to supporting SKY Leasing as it pursues its ambitious growth plans.”
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