Ray Sisson and Ed Wegel launched AVi8 Air Capital, a new commercial aircraft leasing company to be headquartered in Dublin with a commercial office in Miami.

Sisson will serve as the company’s executive chairman and Wegel will assume CEO duties at AVi8. The company, which will focus on building its fleet with the narrowbody commercial aircraft, is in process with several leading global investment banks and is currently analyzing potential deals.

“AVi8 is a new concept designed to take aircraft leasing to the next level: both the development of a strong, value-delivering portfolio of aircraft assets and the unparalleled solutions we will deliver to our airline customers,” Sisson said. “We are confident that this marriage of my experience growing high performance, large lessor platforms, combined with Ed’s experience as the CEO of a successful scheduled service and charter airline, provide for a unique marriage of skillsets in our industry more nimble solutions, better performance for our airline customers.”

Sisson was formerly president and CEO of AWAS from 2010 to 2016. At the time of Sisson’s departure, AWAS had a fleet of more than 300 aircraft worth over $12.5 billion, serving over 110 airlines in 49 countries.

Before AWAS, Sisson served in several leadership positions at GE Capital Aviation Services from 1995 to 2008, including SVP and general manager for the Middle East, Africa and Russia region. He also has served as president and CEO of Titan Aviation Leasing and as chief commercial officer of SR Technics.

Wegel has more than 30 years of experience in the airline industry, investment banking and aviation finance. He has been the architect of several major aircraft purchase orders with Boeing, Embraer and Mitsubishi Aircraft. Most recently he worked for Eastern Air Lines Group where he was founder and served as its president and CEO. Under his direction Eastern grew to a fleet of six modern 737-800 aircraft within months. He also led negotiations leading to the orders for 10 new Boeing 737 MAX aircraft and 20 new Mitsubishi MRJ-90 aircraft.

Prior to Eastern, Wegel was president, CEO and a director of Chautauqua Airlines/U.S. Airways Express. While at Chautauqua, he originated an order, and structured and raised the equity, for the acquisition of 80 Embraer aircraft. Wegel also served as president, COO and a director of BWIA International Airways and was a co-founder and member of the board of directors of Atlantic Coast Airlines (United Express).