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Landing on Terra Firma
01 June 2007
Landmark deal is an overused term, but Terra Firma's acquisition of Pegasus Aviation Finance is definitely one. By Natasha Yazdabadi and Alasdair Whyte.
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Terra Firma
Pegasus
Like stand-up comedy, timing is everything when it comes to investing in aircraft and it will take time to see if Terra Firma, the UK private equity firm, has got it right with Pegasus.
Pegasus is almost certain to be the last large operating lessor to change hands before the next downturn. It ends two years of deal making, where Boullioun, debis Airfinance, Awas, GATX Air, Pembroke Aviation and Singapore Aircraft Leasing Enterprise have all changed owners – and, in many cases, name.
Although a few lessors are planning to tap the debt and equity markets, the sale of Pegasus will one day be looked at as closing at the top of the market. Terra Firma and Oaktree obviously both realize this and the deal demonstrates two very different approaches to investing in leasing companies.
From small acorns
Oaktree's experience with Pegasus is a perfect case study in how to make...
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