Global investment and advisory firm Guggenheim Partners sold its commercial aircraft investment and management business, Guggenheim Aviation Partners, to the GAP management team

Founded in 2003 as a joint venture between Guggenheim and aircraft industry veterans Steve Rimmer and Paul Newrick, GAP focuses exclusively on acquiring, leasing, converting and selling commercial aircraft and engines. The team’s track record includes completing more than $8 billion in commercial aircraft transactions, management of more than 200 commercial aircraft and leasing aircraft to more than 40 domestic and international airlines and cargo operators.

During its tenure as a Guggenheim joint venture, GAP successfully managed two funds for Guggenheim’s clients totaling more than $5.3 billion in assets. Going forward, the business will operate under the name Altavair while continuing to manage and grow its current $3.4 billion commercial aircraft portfolio. With its experience in the aviation leasing market, Altavair also intends to raise additional permanent capital, which may include investments by Guggenheim clients, to support future growth.

“We are very appreciative of Guggenheim’s early and ongoing commitment which facilitated our many achievements. We are now excited to expand upon those successes as a stand-alone business,” said Steve Rimmer, CEO of Altavair. “We believe that our dedicated team coupled with our innovative approach uniquely positions Altavair to offer a full spectrum of financial solutions and investment opportunities to our clients and customers. We look forward to the road ahead.”

“It has been a pleasure working with Steve and Paul and their entire team for more than a decade to offer differentiated investment opportunities to our institutional clients,” said Scott Minerd, chairman of investments and global chief investment officer of Guggenheim Partners. “We look forward to working with Altavair to identify high-quality commercial aviation investment opportunities for our clients in the future.”