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Founded in 1998 by industry veteran John O. Semon, The Lessors Network showcases the largest equipment finance community on the Web, providing business leaders around the world free access to breaking news, events, funding sources, technology solutions and outsourcing resources exclusive to a $1 trillion U.S. equipment finance market.

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Avolon aircraft deliveries rise as it acquires CIT

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Avolon was founded in Ireland by leasing entrepreneurs Dómhnal Slattery and John Higgins in 2010

Aircraft leasing company Avolon delivered 17 aircraft and sold another 20 during the first quarter of the year.

The company’s figures include activity for CIT’s aircraft leasing business, as Avolon acquired CIT on 4 April.

This acquisition makes Avolon the third-largest aircraft leasing company in the world.

Avolon and CIT also completed a total of 21 lease transactions in the quarter comprising new aircraft leases, secondary leases, and lease extensions.

It raised $8.5 billion in public capital markets to fund the deal, and also increased its debt facilities by around $420m to add financial flexibility.

The new combined Avolon/CIT fleet at the end of the first quarter consisted of a managed fleet of 565 aircraft, which is more than double Avolon’s Q1 2016 fleet.

The new entity also now has a total customer base of 150 airlines in 63 countries.

Avolon was founded in Ireland by leasing entrepreneurs Dómhnal Slattery and John Higgins in 2010.

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