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EXCLUSIVE: Sky and Oaktree together (again) with $500 million
15 December 2009
Private equity firm, Oaktree Capital, will invest $500 million with new leasing company, Sky Holding. In their first interview since getting finance, the team reveal their strategy.
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[Sky Holding]
[Oaktree]
[Pegasus]
[Sale/leaseback]
[Rich Wiley]
[Scott Weiss]
[Toby Bright]
An old partnership. A new venture. And it only took one month for San Francisco leasing company, Sky Holding, to secure $500 million in equity from Oaktree a Los Angeles private equity firm. The companies only began working on the deal in October and signed the term sheet at the beginning of December.
The private equity firm began its relationship with Rich Wiley in the 1990s, when Oaktree participated in one-off transactions with his former aircraft leasing company, Pegasus Aviation. Initially, in 2002, Oaktree invested $150 million in Pegasus. But, the private equity firm ended up investing over $300 million before Pegasus was sold to AWAS in 2007.
Now, the teams will pair again to provide sale/leaseback financing for airlines. "We've been in business since 1988 - different company names but the same management team, strategy and financial backing," says Wiley, chief executive officer, Sky.
It has not been an...
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