KKR Commits $1.4 Billion to Aircraft Leasing with Altavair

KKR

New commitment expands long-standing strategic partnership and builds on the success of two prior aircraft leasing portfolios

NEW YORK & SEATTLE–(BUSINESS WIRE)– KKR, a leading global investment firm, and Altavair, a leader in commercial aviation leasing and financing, today announced that KKR is making a $1.4 billion equity commitment to continue expanding its global portfolio of leased commercial aircraft in partnership with Altavair. The latest commitment builds on two prior aircraft leasing portfolios created in partnership with Altavair. The investment will primarily come from KKR’s Infrastructure and Asset-Based Finance strategies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260617498140/en/

“Nearly a decade of strategic partnership with Altavair has deepened our conviction in the attractiveness of aircraft leasing, which we believe is poised to grow even further as demand for air travel continues to rise and airlines seek more liquidity and fleet flexibility,” said Brandon Freiman, Partner and Head of North American Infrastructure at KKR.

KKR-managed funds have committed more than $8 billion to aircraft leasing and lending transactions since KKR formed a strategic partnership with Altavair in 2018. Over that time, KKR and Altavair have acquired 188 commercial aircraft and engine assets through a variety of transactions, including lessor trades, airline-direct new and used sale leasebacks, passenger-to-freight conversions, and structured transactions, and in the process have leased aircraft and engines to 67 leading airline and cargo operators around the world.

“We are pleased to deepen our long-standing relationship with Altavair and strengthen our commitment to the aviation sector through our Asset-Based Finance strategy,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “The success of our strategic partnership is a testament to the power of combining our patient, long-term capital with Altavair’s deep industry expertise and differentiated sourcing capabilities.”

“Our strategic partnership with KKR has grown stronger over the past eight years, and this latest commitment reflects the trust we have built together,” said Steve Rimmer, CEO of Altavair. “KKR’s expertise, and long-term capital have helped build Altavair into the platform it is today. As airlines face significant fleet funding needs in the coming years, this expanded commitment positions us to be an even stronger partner and supporter across the aviation ecosystem.”

KKR has invested more than $12 billion of capital in the aviation sector since 2015. Investments include Altavair, AV AirFinance, Atlantic Aviation, KKR DVB Aviation Capital, K2 Aviation, and others.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Altavair
Altavair is an aviation asset manager focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $14.5 billion in commercial aircraft lease transactions with over 80 airline customers in 50 countries representing over 300 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, Dublin, London, and Singapore. For more information, please visit www.altavair.com.

Media Contacts:

KKR:
media@kkr.com

Altavair:
Nick Hazeldine
nick.hazeldine@altavair.com

Source: KKR

 

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Bain Capital Launches JB Aircraft Finance, LLC in Partnership with Aviation Experts to Provide Flexible Corporate Jet Financing Solutions

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BainCapital

BOSTON & MIAMI – June 2, 2026 – Bain Capital today announced the launch of JB Aircraft Finance, LLC, a premier corporate jet financing and leasing platform designed to deliver differentiated financing solutions to aircraft owners, operators, OEMs, brokers, and intermediaries. Founded by Bain Capital in partnership with aviation industry experts Thomas Garbaccio and Brickell Asset Management, LLC, JB Aircraft Finance, LLC brings deep aviation experience and disciplined investment expertise to the corporate aircraft market.

Focused on mid-life corporate aircraft, JB Aircraft Finance, LLC provides a comprehensive suite of financing solutions, including operating leases, financial leases, and bespoke financing transactions tailored to the needs of manufacturers, owners, and operators. The global platform is built by an experienced aviation team with demonstrated expertise in aircraft acquisition, financing, leasing, disposition, and portfolio management.

“By tailoring our financing solutions specifically to mid-life aircraft, JB Aircraft Finance, LLC is addressing an underserved segment of the market,” said Thomas Garbaccio, CEO of JB Aircraft Finance, LLC. “Our immediate goal is to steadily grow our aircraft base and continue to build a highly diversified, industry-leading portfolio. By leveraging Bain Capital’s 20+ years of aviation investment experience, along with Brickell Asset Management’s robust operational infrastructure, we are fully equipped to scale with discipline and deliver consistent execution.”

“JB Aircraft Finance, LLC is addressing a clear gap in the corporate aircraft market by providing flexible, asset-backed financing solutions for mid-life aircraft – an area that has been underdeveloped compared to commercial aircraft leasing,” said Matt Evans, Partner at Bain Capital Special Situations. “We look forward to supporting a differentiated platform capable of moving with the speed and certainty that our counterparties require.”

For more information about JB Aircraft Finance, LLC’s tailored financing solutions and responsive execution, reach out directly to Tgarbaccio@jbaircraftfinance.com.

About JB Aircraft Finance, LLC

JB Aircraft Finance, LLC is a premier corporate aircraft financing and leasing platform built to present differentiated financing alternatives to aircraft owners, operators, OEMs, brokers and intermediaries. The platform provides a comprehensive suite of financing and leasing solutions for mid-life corporate aircraft, including operating leases, financial leases, and customized financing tailored to the needs of its customers, such as high-LTV and fleet financing and sale-leasebacks.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Brickell Asset Management

Brickell Asset Management, LLC is a Miami, Florida-based aerospace company specializing in the acquisition, lease, and sale of commercial aircraft, airframes, engines and parts. Since its founding in 2006, Brickell has established itself as a recognized leader in the provision of aftermarket aviation equipment to airlines, leasing companies, OEMs and MROs.

 Eddie de Sciora

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ICT Group develops control system for electric aircraft tug

NPM part of SHV

ICT Group develops control system for electric aircraft tug

NPM portfolio company ICT Group has supported a robotics manufacturer in developing the central control system for a battery-powered aircraft tug. This vehicle is used at airports to move aircraft without a towbar, a method known as towbarless ground handling.

 

The aim of the project was to enable a single operator to safely and precisely manoeuvre aircraft of up to 195 tonnes remotely. The technology developed by ICT Group is now being deployed at several major European airports.

 

ICT Group designed and implemented the software that controls and coordinates the various systems of the vehicle. The tug supports features such as automatic line following, centring under the aircraft and protection against incorrect steering inputs. It can also be adapted to different aircraft types. Through cloud connectivity, remote maintenance and updates are possible, while voice notifications support the operator during use.

 

The system has been extensively tested and deployed on site to ensure reliable performance in real-world conditions. According to ICT Group, the project demonstrates how software and robotics can contribute to safer and more efficient airport operations.

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CapMan Infra acquires majority stake in Nordic helicopter services provider HeliAir Sweden

Capman

CapMan Infra has agreed to acquire a majority stake in HeliAir Sweden, a leading Nordic helicopter operator and lessor providing mission-critical aerial services including firefighting, power and utilities, defence and other specialised applications.   

Headquartered in Sweden, HeliAir has built a strong position in the Nordic market and serves a diversified customer base across the public and private sectors. The company provides critical helicopter services including aerial firefighting, electricity grid inspections, vegetation management, military training support and other specialised operations. HeliAir’s offering is supported by vertically integrated teams and in-house capabilities across maintenance, fuelling, and training.

CapMan Infra’s investment will support HeliAir in its next phase of growth. The focus is to further strengthen the company’s market position in its core segments, supporting continued fleet development and expanding its service offering in selected markets. HeliAir’s role in supporting essential public services and infrastructure operations makes the company a strong fit with CapMan Infra’s focus on resilient, mission-critical businesses.

“We are pleased to partner with HeliAir in its next phase of growth. The company has built a strong position in a market with high requirements for safety, availability and specialised operational expertise, supported by a high-quality fleet. Its services support public safety and critical infrastructure, and we look forward to supporting the company’s continued development together with the management team,”says Ibrahim Makdessi, Investment Manager at CapMan Infra.

“This is an important step for HeliAir,” says Joel Backlund, CEO of HeliAir. “With CapMan Infra as our new majority owner, we will have a strong partner to support our growth ambitions, further invest in our fleet and capabilities, and continue delivering reliable, high-quality services to our customers across the Nordics and selected European markets.”

For more information, please contact:

Ibrahim Makdessi, Investment Manager, CapMan Infra, +46 72 341 01 11, ibrahim.makdessi@capman.com

Joel Backlund, CEO, HeliAir, +46 70 786 76 00, joel.backlund@heliairsweden.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

 

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Carlyle Announces Strategic Financing for Unifi Aviation

Carlyle

NEW YORK, NY – March 9, 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced a strategic financing for Unifi Aviation, a global aviation services company and the largest ground handling provider in North America.

The financing will help simplify Unifi’s ownership structure and provide growth capital as the company expands its service offerings and footprint across the aviation ecosystem.

With over 45,000 employees operating at more than 240 airports, Unifi generates more than $2 billion in revenue and serves a diversified customer base. The company delivers mission-critical ground handling, cabin cleaning, passenger services, security, and cargo solutions that enable safe and efficient operations across the aviation sector. Beyond its extensive U.S. footprint, Unifi maintains a strong presence in Canada, the UK, Ireland, and the Netherlands—and continues to expand its global operations.

“Our partnership with Carlyle marks an important milestone for Unifi. Their deep expertise in private credit and aviation services, combined with their conviction in our business model and management team, enables us to unlock new opportunities for our customers and stakeholders. Carlyle’s ability to navigate complex situations and support high-growth companies like Unifi makes them an ideal partner as we enter our next phase of expansion,” said Karan Ishwar, CEO of the Argenbright Group, majority owner of Unifi.

Frank A. Argenbright Jr., Chairman of the Argenbright Group further stated, “This strategic financing arrangement with Carlyle provides us the capital and confidence to expand our footprint and deliver even greater value to the clients we serve. Carlyle brings a sophisticated understanding of our industry, and their support reinforces the strength of our strategy and the momentum behind our business.”

“Unifi is a core part of the aviation infrastructure in North America, and we are pleased to support the business through this flexible capital solution,” said Gary Jacovino, Partner on Carlyle’s Credit Opportunities team. “Unifi’s scale, performance-driven culture, and track record of service excellence positions it well for long-term growth as a critical strategic partner to the global aviation industry.”

Carlyle’s Credit Opportunities strategy within the firm’s Global Credit platform seeks to provide highly structured and privately negotiated solutions across the capital structure to family, founder, and management-owned businesses, sponsor-backed companies, and special situations, with a focus on long-term value creation. Carlyle’s Global Credit platform has $211 billion in assets under management as of December 31, 2025.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Unifi Aviation

Unifi Aviation, LLC® is a global aviation services company and the largest ground handling provider in North America, with more than 45,000 employees servicing over four million flights annually. Operating at more than 240 airports, Unifi provides a full range of services, including ground handling, passenger transport, security, cabin cleaning, and ground support equipment maintenance. In addition to its extensive U.S. footprint, Unifi has a well-established presence in Canada, the UK, Ireland and the Netherlands, employing thousands of team members across aviation and adjacent service industries, and continues to expand its global operations. Headquartered in Atlanta, Georgia, Unifi is part of the Argenbright Group. For more information, visit unifiservice.com.

 

 

 

Media Contact

Unifi

mediarelations@unifiservice.com

 

Carlyle

Kristen Ashton
212-813-4763
kristen.ashton@carlyle.com

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Bain Capital Enters Fixed-Base Operator Sector with Acquisition of APP Jet Center

BainCapital

Acquisition of five-location FBO platform from Ridgewood Infrastructure marks entry into aviation services infrastructure

BOSTON – January 27, 2026 – Bain Capital today announced its entry into the fixed-base operator (“FBO”) sector through the acquisition of APP Jet Center, a provider of aviation services at high-quality, supply-constrained airports in the United States. Mark Johnstone, the former CEO of Signature Aviation, will lead the business. Financial terms of the acquisition of APP Jet Center from Ridgewood Infrastructure were not disclosed.

APP Jet Center is a well-established FBO operator with a portfolio of five locations across the U.S., serving business and general aviation customers in markets including South Florida, the Washington, D.C. region, the San Francisco Bay Area, and Denver. The platform provides a full suite of aviation real estate and related services, including aircraft hangar space and fueling. Bain Capital will look to actively expand APP’s footprint with additional high-quality assets serving supply-constrained markets.

Demand for private and business aviation services has been supported by long-term growth in flight activity, modernized aircraft that require modern hangar infrastructure, and airport environments that limit new development. These dynamics, combined with the more operational nature of the business, make FBOs well suited to Bain Capital’s thematic, value-add investment approach.

“APP Jet Center is a strong starting point for our FBO strategy, as the business operates at attractive, capacity-constrained airports and has built long-standing relationships with airport authorities and customers” said Chris Leddy, a Managing Director at Bain Capital Real Estate. “We see an opportunity to support the growth of the platform through continued investment in facilities, operations, and leadership, applying the same disciplined, active ownership approach that has guided our work across other operationally intensive real estate sectors.”

Mr. Johnstone and his team of highly experienced aviation professionals, will focus on enhancing the platform’s operations and selectively expanding its footprint in attractive markets, while investing across the existing network to meet the growing demand for aircraft hangar storage.

“I am truly excited by the acquisition of APP Jet Center and see this as a tremendous foundation for our new FBO journey,” said Mr. Johnstone. “We will focus on our employees, customers, and safety as we build on the great work of the APP Jet Center team. Looking ahead, we plan to thoughtfully expand our presence in core markets and to support the long-term structural growth of private and business aviation.”

The launch of the FBO platform builds on Bain Capital’s more than 40-year history of investing across the aviation industry, including aircraft leasing, aviation services, and transportation-adjacent businesses.

This investment reflects Bain Capital’s ability to bring together operational expertise and sector knowledge. “We continue to believe that aviation is a space that will benefit from outsized growth and can create durable value across market cycles” added Matt Evans, a Partner at Bain Capital Special Situations.

DLA Piper, led by Drew Rosenberry and Neil K. Vohra, served as legal advisor to Bain Capital.

About Bain Capital 
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Ridgewood Infrastructure
Ridgewood Infrastructure is a leading infrastructure investor in the U.S. lower middle market with sectors of focus including Water, Energy Transition, Transportation, and Utilities. For more information, visit www.ridgewoodinfrastructure.com.

 

 Eddie de Sciora

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KKR Increases Ownership Stake in Altavair

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KKR

NEW YORK & SEATTLE–(BUSINESS WIRE)– KKR, a leading global investment firm, and Altavair, a leader in commercial aviation leasing and financing, today announced a definitive agreement under which KKR will increase its ownership stake in Altavair and its sister company, AV AirFinance. KKR will fund the investment from its balance sheet.

The new investment deepens the long-term strategic partnership between KKR and Altavair, which invests across the global leased aircraft market. KKR-managed funds have committed more than $5 billion to aircraft leasing and lending transactions since the strategic partnership launched in 2018.

“We are pleased to build on our long-standing relationship with Altavair and reinforce our commitment to the aviation sector, which is an important area of opportunity for our Asset-Based Finance strategy,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “We look forward to supporting Altavair further with our long-term capital as it continues to meet the evolving fleet needs of airlines and operators around the world.”

“Commercial aircraft assets have proved to be highly resilient across market cycles, supported by long-term demand for global air travel and strong contractual protections,” said Brandon Freiman, Partner and Head of North American Infrastructure at KKR. “Altavair is well positioned to execute at scale across the aviation ecosystem, and we are pleased to expand our partnership as the platform continues to grow.”

Altavair CEO Steve Rimmer said, “I am delighted to deepen our strategic partnership with KKR, and we appreciate the continued trust that this investment demonstrates. Our working relationship has developed and matured over the last 7 years, and KKR’s skillsets, expertise and market knowledge have been integral to helping grow Altavair into the successful platform that it is today.”

To support Altavair’s next phase of growth, Matthew Hoesley, Chief Commercial Officer, will expand his remit to become President & Chief Commercial Officer of Altavair, and Andrew Carpenter, Head of Tax & Accounting, will become Chief Financial Officer of Altavair.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Altavair

Altavair L.P. is an aviation asset manager focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $14.5 billion in commercial aircraft lease transactions with over 80 airline customers in 50 countries representing over 300 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, Dublin, London, and Singapore. For more information, please visit www.altavair.com.

Lauren McCranie
media@kkr.com

Source: KKR

 

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Willis Lease Finance Corporation Announces Aircraft Engine Leasing Partnership with Blackstone Credit & Insurance

Blackstone

COCONUT CREEK, Fla. and NEW YORK — January 5, 2026 — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and a global provider of aviation services, and Blackstone Credit & Insurance (“BXCI”) announced a strategic aircraft engine leasing partnership with plans to deploy over $1 billon in the next two years in current and next generation aircraft engines and select aircraft. This unique partnership brings together a leading engine leasing specialist with Blackstone’s scaled private credit business to focus on the engine asset class.

The partnership leverages WLFC’s established position as a pioneer in aircraft engine leasing and its growing asset management platform. WLFC has identified a seed portfolio and near-term pipeline of high-quality engine assets that are expected to close into the partnership, providing immediate scale and diversification across engine types and airline customers globally.

“We are excited to partner with BXCI, whose scale and long-term capital commitment will accelerate the growth of our asset management business,” said Austin C. Willis, CEO of WLFC. “Blackstone is a leader in asset-based credit, and their investment demonstrates the strength of our position in aircraft engine leasing and their belief in our ability to generate attractive returns through disciplined asset selection and active management.”

Scott Flaherty, CFO of WLFC, added “the Blackstone relationship provides further capital diversification to the Willis platform. We are excited about this new relationship and the growth opportunities this brings to our business.”

“Willis is a leading lessor of commercial aircraft engines and brings unparalleled technical expertise, deep customer relationships and a proven track record,” said Aneek Mamik, Senior Managing Director, Blackstone Credit & Insurance. “This opportunity is consistent with BXCI’s objectives of building programmatic, differentiated origination in large addressable markets with a focus on hard assets and strong downside protection.”

“We look forward to partnering with the WLFC team to support the growth of their platform and deliver essential engine solutions for the global aviation fleet,” added Alex Buck, Principal, Blackstone Credit & Insurance.

BXCI’s Infrastructure and Asset Based Credit group manages over $100 billion and has over 80 investment professionals, as of September 30, 2025. The platform is focused on providing investment grade credit, non-investment grade credit, and structured investments across the real economy in sectors such as infrastructure, commercial finance, fund finance, consumer finance, and residential real estate loans.

BNP Paribas served as sole structuring agent and advisor to BXCI.

About Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services. Willis Sustainable Fuels intends to develop, build and operate projects to help decarbonize aviation.

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Contacts
Willis Lease Finance Corporation
Lynn Kohler
Lkohler@willislease.com
(415) 328-4798

Blackstone
David Vitek
David.Vitek@blackstone.com
(212) 583-5291

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Warburg Pincus Acquires Topcast, Asia Pacific’s Largest Independent Aircraft Parts Distributor and MRO Service Provider in the Civil Aviation Industry

Warburg Pincus logo

The firm brings proven track record in the global aerospace industry and long-term commitment to Asia to support Topcast’s next phase of growth

Hong Kong, November 25, 2025 – Warburg Pincus, the pioneer of global growth investing, today announced the acquisition of Topcast Aviation Supplies Company Limited (“Topcast”), the largest independent distributor of civil aviation parts and Maintenance, Repair, and Overhaul (MRO) service provider in Asia Pacific.

Founded in 1991 and headquartered in Hong Kong, Topcast offers integrated solutions to the civil aviation industry, including the distribution of aircraft parts and consumables, buyer-furnished equipment (BFE), Original Equipment Manufacturer (OEM) services, and repair and maintenance support. With an unparalleled local presence in Asia Pacific and particularly strong market leadership in Greater China, Topcast has become the partner of choice for airlines, MROs, and OEMs globally. The company operates across Asia Pacific, EMEA, and Americas, connecting global aviation parts manufacturers with the region’s fast-growing markets.

Warburg Pincus is among the most active private equity investors in the global aviation sectors, with current and former investments including Accelya, Aquila Air Capital, CAMP Systems, Consolidated Precision Products, Extant Aerospace, TransDigm, Triumph and Wencor. Notably, Warburg Pincus has a strong presence in Asia Pacific, with over 30 years of local investment experience and around US$34 billion invested in more than 270 companies in the region, underscoring its localized and partnership-oriented approach to long-term growth and value creation.

Ben Zhou, Managing Director and Co-Head of China Private Equity at Warburg Pincus, said, “Asia Pacific is one of the most dynamic and fast-growing civil aviation markets in the world. Topcast has built a strong reputation as a trusted and innovative partner to airlines, MROs, and OEMs, helping to ensure the efficiency, reliability, and safety of the aviation supply chain. It is a differentiated business with deep regional expertise, technical know-how, and a customer-centric approach. We look forward to supporting Topcast in deepening its local capabilities, expanding its global partnerships, and driving its next phase of sustainable growth.”

Orson Lo, Chief Executive Officer of Topcast said, “We are excited to begin this new chapter with Warburg Pincus. Their deep sector experience, global network, localized approach and growth-oriented philosophy will support our mission to deliver best-in-class service and innovative solutions to the civil aviation industry in Asia Pacific and beyond. Together, we will continue to invest in our people, service infrastructure, digital capabilities, and global operations to better serve our partners around the world.”

***

About Topcast

Founded in 1991 and headquartered in Hong Kong SAR, Topcast is a leading civil aircraft parts distributor and MRO service provider. The company offers aftermarket and OEM aircraft parts, equipment, repair services and technical support for a broad range of aircraft types. With a strong global network, Topcast has more than 20 offices across Asia Pacific, EMEA, and Americas, connecting suppliers with customers for over 90 countries. Please visit www.topcast.com

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com

Media Contact

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications

lisa.liang@warburgpincus.com

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Apollo and Virgin Atlantic Complete $745m Asset-Backed Financing Solution

Apollo logo

LONDON and NEW YORK, Nov. 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Virgin Atlantic Airways today announced that Apollo-managed funds and affiliates have completed a $745 million senior secured financing of Virgin Atlantic’s portfolio of take-off and landing slots at London Heathrow, one of the world’s busiest airports.

The proceeds from the financing will further strengthen Virgin Atlantic’s balance sheet and fund the airline’s continued investment in its award-winning premium customer experience. This includes the complete refurbishment of its Boeing 787-9 fleet, introducing upgraded interiors and expanded Upper-Class and Premium cabins from 2028. From the third quarter of 2026, ten new Airbus A330neo aircraft will also join the fleet, featuring expanded premium cabins and six luxurious Retreat Suites. In addition, the financing supports Virgin Atlantic’s commitment to service and product innovation, enabling the rollout of free, streaming quality Wi-Fi powered by Starlink across the entire fleet.

“We are pleased to partner with Virgin Atlantic on this transaction, which demonstrates our ability to provide bespoke, scaled financing solutions to leading businesses,” commented Apollo Partner Ben Eppley.

“This creative, asset-backed structure unlocks important capital investment for Virgin Atlantic, a strong, established brand that we believe is well-positioned for continued success with its differentiated offering in aviation,” said Apollo Partner Samuele Cappelletti.

Shai Weiss, CEO, Virgin Atlantic said, “Today’s agreement marks an important milestone as we continue to strengthen our balance sheet and deliver on our vision to become the most loved travel company. We’re delighted to partner with Apollo on this transaction, and for their confidence in Virgin Atlantic, as we invest in delivering the best experience in the skies for our guests. From flying the youngest fleet across the Atlantic as the first UK airline to have free, streaming quality Wi-Fi, to introducing larger premium cabins and a full retrofit of our 787 fleet. The best is yet to come.”

Gibson Dunn acted as legal counsel to the Apollo-managed funds and affiliates, while Apollo Capital Solutions Europe B.V. provided arrangement services. Redding Ridge Asset Management provided rating advisory solutions in support of the transaction. Citigroup acted as placement agent, as well as transaction and rating advisor, and Herbert Smith Freehills Kramer acted as legal advisors, respectively, to Virgin Atlantic.

Virgin Atlantic was founded by entrepreneur Sir Richard Branson in 1984, with innovation and amazing customer service at its core. Virgin Group retains a 51% share, with Delta Air Lines retaining a 49% share.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2025, Apollo had approximately $908 billion of assets under management. To learn more, please visit www.apollo.com.

About Virgin Atlantic    

Virgin Atlantic has been voted Britain’s only Global Five Star Airline by APEX for the ninth year running in the Official Airline Ratings. Headquartered in London, it employs 9,250 people worldwide, flying customers to 28 destinations throughout the year.

Alongside shareholder and Joint Venture partner Delta Air Lines, Virgin Atlantic operates a leading transatlantic network, with onward connections to over 200 cities around the world. In February 2020, Air France-KLM, Delta Air Lines and Virgin Atlantic launched an expanded Joint Venture, offering a comprehensive route network, convenient flight schedules, competitive fares and reciprocal frequent flyer benefits, including the ability to earn and redeem miles across all carriers.  Virgin Atlantic joined SkyTeam in March 2023 as the global airline alliance’s first and only UK member airline, enhancing the alliance’s transatlantic network and services to and from Heathrow and Manchester Airport.

Virgin Atlantic has been pioneering sustainability leadership for more than 15 years, committing to Net Zero by 2050 and continuous action that reduces environmental impact.  The airline operates one of the youngest and most fuel-efficient fleets in the skies, with an average age under seven years.

In October 2022, Virgin Atlantic welcomed its first A330-900’s to the fleet, continuing its transformation towards 100% next generation aircraft by 2028.  In November 2023, the airline led a consortium to deliver the world’s first flight across the Atlantic on 100% Sustainable Aviation Fuel (SAF), demonstrating that 100% SAF can be used safely as a drop in fuel in existing infrastructure, engines and airframes. The need to scale production is an industry imperative and Virgin Atlantic is committed to radical collaboration across the energy chain to support commercialisation ahead of 2030.

For more information visit www.virginatlantic.com or via Facebook, Twitter and Instagram @virginatlantic.

Contacts

Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

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