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HEADING FOR THE BIG TIME
01 October 2005
With the acquisition of Boullioun, Aviation Capital Group has gone from being one of the smaller lessors to one of the largest. Alexandra Cain reports.
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Aviation
WestLB
Boullioun
securitization
Airfinance
Airfinance Journal
The battle to acquire the operating lessor Boullioun from WestLB began in June 2004. Several groups engaged in a competitive bid to acquire the lessor but it was a smaller company with big ambitions that emerged as the victor.
Aviation Capital Group's acquisition of Boullioun was finalized in June 2005 and the lessor, backed by American insurance company Pacific Life, is now the third-largest operating lessor, according to Airfinance Journal's 2005 operating lease survey, from 14th in 2004.
Richard Baudouin, Stephen Hannahs and Benjamin Jung set up Aviation Capital in 1989. It had a portfolio value of $2 billion before the takeover; with Boullioun's portfolio of 102 owned and managed aircraft as well as 11 speculative orders, it is worth about $6 billion.
Aviation Capital's determination to acquire Boullioun surprised many people who questioned its motives for such dramatic growth. The lessor had always planned for growth of 10 to...
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