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A different sort of investor
01 December 2004
Steve Rimmer is well known as an aircraft and engine trader through Curtis & Company, Curtis Power and XS Aviation. But as he explained to Airfinance Journal, he is now working under an even better known brand: Guggenheim.
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Steve Rimmer admits that he has had some luck timing the aviation cycle. In the early 1990s he co-founded a remarketing and advisory company with Lynne Butcher called Curtis & Company.
Curtis did well placing aircraft after the first Gulf War and while they both enjoyed advisory they were keen to become investors as well. They initially did not have enough cash to build an aircraft portfolio so looked at engines instead. In 1990 Rimmer and Butcher established Curtis Power Company and bought some JT9D-7F engines from South African Airways. The engines were overhauled and upgraded and made a profit leasing them to Virgin Atlantic Airlines.
Encouraged by this deal they gradually built a small engine portfolio. By 1997, as the market came out of the downturn, advisory work began to dry up. So they decided to increase the focus on engines and built a small portfolio of engines. In 1999 GE...
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