Guggenheim sells aircraft arm to managers

Investment and advisory firm Guggenheim Partners is to sell its commercial aircraft investment and management business, Guggenheim Aviation Partners (GAP) to its management team.
Founded in 2003 as a joint venture between Guggenheim and Steve Rimmer and Paul Newrick, GAP focuses on acquiring, leasing, converting and selling commercial aircraft.
To date it has completed over $8 billion in commercial aircraft transactions, managed over 200 commercial aircraft, and leased aircraft to over 40 cargo operators and other airlines.
The business will be renamed Altavair and the new owners intend to raise additional permanent capital, which may include investments by Guggenheim clients, to support future growth.
Chief executive Steve Rimmer said: “We are very appreciative of Guggenheim’s early and ongoing commitment which facilitated our many achievements. We believe that our dedicated team coupled with our innovative approach uniquely positions Altavair to offer a full spectrum of financial solutions and investment opportunities to our clients and customers.”
GAP has been active in the freighter as well as passenger aircraft markets.
President and managing director Paul Newrick told ACN’s Freighters and Belly Cargo Conference in October last year that major freighter operators had enhanced their general credit profile, and the sector was now more attractive to lenders.
He also more of a role for operating leasing in the freighter market.