Willis Lease Acquires Regional Airline Engine Fleet from Whirlwind Leasing
Nov. 6, 2007, Sausalito, Calif. - Willis Lease Finance Corp., a leading lessor of commercial jet engines, today announced the expansion of its regional airline engine leasing business through the acquisition of Whirlwind Leasing's regional airline engine fleet for $10 million.
November 6, 2007 By Carey Fredericks
Nov. 6, 2007, Sausalito, Calif. – Willis Lease Finance Corp., a leading lessor of
commercial jet engines, today announced the expansion of its regional airline engine
leasing business through the acquisition of Whirlwind Leasing's
regional airline engine fleet for $10 million. As part of the
agreement, Whirlwind has signed an exclusive five-year service
agreement to provide marketing and technical support for Willis Lease's
growing regional aircraft business that targets repair and overhaul
providers serving regional airlines.
"After reviewing the regional airline engine lease market, we
determined that operators of both the PW100 and CF34 powered aircraft
were increasing their demand for leased engines," said Lee G. Beaumont,
Chief Operating Officer for Willis Lease. "We chose to structure the
transaction as an asset sale and exclusive service agreement to
capitalize on the expertise of Whirlwind's team and establish a
scalable platform for growth, while controlling overhead costs.
"Our focus in the regional airline engine leasing segment is the
General Electric CF34 series of fan engines. The CF34-3B1 and CF34-8C5
engine fleets are now at an age whereby the prevalence of maintenance
events will increase considerably requiring more and more leased
spares. The signing of the Whirlwind Leasing team to an exclusive
service agreement provides ready sales and technical personnel to
quickly penetrate this expanding market," Beaumont explained.
Whirlwind Leasing has grown quickly over the last few years and was at
a position where continued growth required greater capital. "The sale
of our portfolio and the agreement to provide exclusive servicing for
the regional airline engine leasing segment for Willis Lease was an
excellent opportunity for Whirlwind to garner support for fleet
expansion and continue to participate in the regional airline engine
leasing growth," explained Charles Lane, President Whirlwind Leasing.
"We are very pleased to team with Willis Lease, given their record of
raising capital and excellent reputation as a leader in the engine