Cloud Investment Partners funds 14 turboprop acquisition

London
Source:
This story is sourced from Pro
See more Pro news »

US Aviation financier Cloud Investment Partners continues to expand its operations with the financing of 14 Saab 340Bs, reflecting more private equity interest in the turboprop market.

Cloud Investment says it purchased the 14-aircraft fleet through a joint venture with C&L Aerospace and Rockton Aviation.

One source says the ex-Colgan Air aircraft are the last of a 23-aircraft batch sold by US carrier Delta Airlines.

According to Flightglobal’s Ascend Online database, nine Saab 340Bs were built in 1990. Another two were delivered new in 1991 while the remaining three are 1993-vintage aircraft.

Ascend shows the 14 aircraft fleet parked at C&L Aerospace’s Bangor, Maine, storage facility.

The aircraft will be refurbished by C&L Aerospace, which has completed over 30 Saab 340 transactions over the past two years.

The Saab 340Bs are co-managed by C&L Aerospace and Rockton. C&L Aerospace will be marketing a number of the Saab 340s for sale or lease.

In the first quarter of this year Cloud Investment also purchased a Boeing 737-300QC aircraft that was previously operated by Mistral Air. The 1988-vintage aircraft is being leased, says Cloud Investment Partners.