Stellwagen Finance Company, the parent company of Aviation Finance Company Limited (AFC) of Dublin, Ireland announced the purchase of Volito Aviation Services A.B. (VAS) of Sweden together with its Irish subsidiary. The acquisition will be completed in two stages and the first stage is now completed. This acquisition represents another step in the evolution of AFC’s aviation finance and investment business by broadening its ability to offer aircraft servicing capabilities.
Douglas Brennan, Chief Executive Officer of AFC said, “The acquisition of Volito nicely complements AFC’s financing operations and strengthens our ability to serve our investors by enhancing our ability to offer a wide range of aircraft management services from sourcing and re-marketing aircraft and engines to aircraft maintenance surveillance, collection or repossession capabilities and more.”
“As the Volito Group concentrates its activity on other sectors,” said Karl-Axel Granlund, the Chairman of Volito A.B., “It gives me great personal satisfaction that our 23 years of investment in building this premier servicing platform will again grow in support of the innovation that AFC has brought to the aviation industry.” Mr. Granlund will remain on the board of Volito Aviation Services A.B. In a joint statement, Siggi Kristinsson, CEO of Volito Aviation Services said, “This is a refreshing and exciting new beginning for our team. We have worked extremely well with AFC over the last 2 years and the acquisition clearly makes sense for both.”
Volito manages aircraft assets for VGS and various other third parties, but none of these aircraft assets were purchased. The Volito name will be changed to Guardian Aviation Services Limited during 2015 upon completion of the second phase of the acquisition.
Aviation Finance Company Limited (AFC) provides alternative sources of capital and arrange financing solutions through innovative financial engineering to meet the needs of the global transportation industry. AFC is headquartered in Dublin, Ireland and along with its sister company in New York, works collaboratively with investors, airlines and aircraft manufacturers to deliver outstanding service. Aviation Finance Company Limited (AFC) is a reliable investment partner and financial advisor to airlines and aviation operators seeking debt and equity financing.
VAS is part of the Volito Group, headquartered in Malmö, Sweden, with a subsidiary in Dublin Ireland. VAS was jointly-owned by Volito Aviation AB (80%) and an affiliate of The Goldman Sachs Group, Inc. (20%). Volito Aviation AB was established in 2001 by the primary shareholders of Indigo Aviation AB and has a strong track record in the aviation leasing industry. Its experienced professionals have built up a worldwide network of established business relationships with customers in the airline, manufacturer, financing and service provider sectors.