| Air finance start up to create 40 jobs |
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| An aviation finance company focused exclusively on the helicopter and private jet markets, has announced it will base its global headquarters in Dublin with the creation of 40 jobs. |
Start up Milestone Aviation Group, an aviation finance company focused exclusively on the helicopter and private jet markets, has announced it will base its global headquarters in Dublin with the creation of 40 jobs. The company has secured US$500 million of equity capital commitments from U.S. private equity firm The Jordan Company in partnership with Nautic Partners.
William Kelly, former CEO of NetJets Europe, has been appointed CEO. The company is the ‘first global specialty finance company focused exclusively on helicopters and private jets’. It offers 100 per cent financing on new, pre-owned and sale-leaseback transactions. Customers select their own aircraft and, following a credit review process of 3-5 days, Milestone purchases the aircraft and enters into a lease agreement with the customer. Customers operate the leased aircraft and cover all operating costs without bearing residual risk.
In the helicopter market, leasing enables customers to stretch their capital further and allows them to compete for lucrative contracts. Key markets include: oil and gas exploration and production; air medical service; search and rescue; law enforcement; environment; construction; Coast Guard and other government contracts; fire fighting; forestry; mining; and utility work.
In the private jet market, leasing allows customers to free up capital and avoid residual risk. Target customers include public and private corporations, high net worth individuals and customers looking for an interim solution while they await a future delivery.
‘Milestone offers us another compelling opportunity to invest in the leasing of transportation related assets,’ said Richard Caputo, Managing Principal of The Jordan Company. ‘We see strong growth drivers for the business and think the Milestone team is uniquely qualified to capitalise on this underserved market.’ |
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