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The cycle starts again
01 April 2005
With new equity coming into the market, Aviation Capital Group and debis AirFinance are joining the fight for third place in the lessor rankings. But is it a race worth winning?
Read more:
Aviation
Morgan Stanley
Ansett Worldwide
Boeing
aircraft leasing
Morgan Stanley only owns an aircraft-operating lessor because of the September 11, 2001 terrorist attacks. The US bank was negotiating the sale of Ansett Worldwide Aviation Services (now Awas) when the attacks happened, with the deal was set to close on September 18, 2001. However, on September 12 the buyer pulled out. Morgan Stanley's experience shows that timing is everything when you own a lessor.
Texas Pacific Group got it right with GPA. It bought the Irish lessor in 1993 and sold it for a profit in 2000, having renamed it AerFi. The market is full of companies looking to follow Texas Pacific. Aviation Capital is taking over Boullioun, Cerberus is buying debis AirFinance, Oaktree invested in Pegasus Aviation in 2002, and Terra Firma, Indigo and Oak Hill are looking at other leasing companies.
Hedge funds and private equity firms need to find a place for their investors' cash and...
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