Willis Lease Finance, a lessor of commercial aircraft engines and global provider of aviation services, closed its previously reported sale of Bridgend Asset Management Limited (BAML), its consultancy and advisory arm, to Willis Mitsui & Co. Engine Support (WMES), the company’s long-standing joint venture with Mitsui. After the closing, BAML will be officially renamed Willis Mitsui & Co. Asset Management Limited (WAML).

“This is a milestone for WLFC and our partnership with Mitsui,” Austin C. Willis, CEO of Willis Lease Finance, said. “It is the first step towards closer collaboration and significant growth in our joint venture, WMES.”

“With this transaction, we deepen our collaboration with WLFC and expand the scope of WMES,” Yuichi Nagata, general manager of the aerospace business division at Mitsui, said. “This positions us to better serve the growing demands of the global aviation market and solidifies the joint venture’s role as a key platform for delivering comprehensive engine-related services.”

Willis Lease Finance remains a 50% owner of WMES and will continue to leverage its services to support its leasing operations while focusing on strategic initiatives to grow its aviation portfolio.