US maintenance provider AAR and asset management company Napier Park Global Capital have formed a joint business aimed at acquiring older commercial aircraft.

Working under what they call a "strategic alliance", AAR and Napier will acquire "late-life" aircraft that are likely to retain value after they are retired from commercial service, Wood Dale, Illinois-based AAR says in a media release.

AAR will manage the partnership's aircraft acquisitions and act as its "sole servicer" – work that will expand AAR's "aircraft asset management" business, it says.

"AAR will bring its extensive aircraft MRO, leasing and trading experience to the role of asset manager," the release says. "AAR will establish and manage the aircraft portfolio, as well as develop exit strategies."

New York-based Napier will be "majority partner" of the joint business.

The release provides no other details about the partnership's goals or structure, and neither AAR nor Napier responded to requests for additional information.

AAR is primarily an aircraft maintenance provider, but it also buys, sells and leases aircraft and aircraft components, according to securities filings. Additionally, AAR breaks down retired aircraft for parts, including Airbus A320s, A330s, A340s and Boeing 737s, 747s, 757s and 767s, according to AAR's website.

Part of Napier's business includes investing in assets such as aircraft and railcars. In 2015, the company established an aircraft leasing fund in partnership with aircraft leasing powerhouse Air Lease Corporation.

Source: Cirium Dashboard