ELF buys into ALF

Engine Lease Finance (ELF) has acquired a 49% stake in Aviation Lease Finance (ALF), from Volvo Aero North America and Volvo Aero Services, making it a wholly owned subsidiary of ELF. Jon Sharp, president and chief executive of ELF, says the deal “grows ELF’s asset base by a further $110 million to help meet our long-term objectives of growth in our core engine business”. The deal gives ELF control of all engine activities that it managed on behalf of ALF as full owner of its engine portfolio. BTM Capital has also acquired a 5% interest in ELF from Volvo Aero Services, making ELF a wholly owned subsidiary of BTM Capital. The ELF engine leasing portfolio consists of around 150 engines.

Source: Flight International