Aergo Capital announced that it has acquired Seraph Aviation Management for an undisclosed fee. As part of the transaction, Aergo will assume the management and administration of 88 aviation assets spread across 38 unique lessees with a combined asset value of $2.5 billion.
The number of aircraft owned and managed by Aergo will increase to 304 aircraft assets (including aircraft under LOI), valued at approximately US$6.8 billion. The business transaction is both strategic and historic for Aergo as well as being hugely beneficial for its overall operating platform in terms of future growth. The transaction puts Aergo in a solid position and cements its position as one of the top 20 aircraft lessors globally.
Fred Browne, Chief Executive Officer of Aergo, commented: “We are extremely happy to complete the acquisition of Seraph Aviation Management Limited which we believe is an excellent strategic fit with our existing managed asset portfolio and which will bring Aergo to the top of the industry league table by quantity of aircraft assets under management.”
David Butler, CEO Seraph Aviation Group commented “We are delighted to have completed this transaction with Aergo Capital.”
Justin Bradburn, Principal at AB CarVal said: “The aviation industry just experienced one of its biggest shocks in history with the global pandemic and is firmly on its way back to a full recovery. AB CarVal is pleased to partner with Aergo Capital to find solutions for the industry.”
Founded in 1999, Aergo is a fast-growing international aircraft leasing platform with established locations in Dublin, New York, Hong Kong and Nairobi. Since 2014, Aergo Capital has partnered with CarVal Investors and is now owned by funds managed by AB CarVal. Aergo Capital’s current fleet comprises of a mix of widebody, narrowbody and turboprop aircraft with an average age of 9 years. As of 30 September 2022, Aergo Capital’s owned and managed portfolio comprised of 216 assets, valued at approximately $4.3 billion and diversified across a portfolio of 44 lessees and 34 countries.
AB CarVal is an established global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, AB CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $139 billion in 5,660 transactions across 82 countries. Today, AB CarVal has approximately $15 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets.
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