Jackson Square Aviation has formed with a $500 million equity commitment from Oaktree Capital Management. The company is led by former Pegasus Aviation and Sky Holding executives, and will provide lease capital to passenger and cargo airlines.
Jackson Square Aviation is pleased to announce its formation along with a $500 million equity commitment to its parent company (JSA International Holdings, L.P.) from investment funds managed by Oaktree Capital Management, L.P. Led by the seasoned aircraft leasing trio of Richard Wiley, Toby Bright and Scott Weiss, Jackson Square aims to become the leading provider of lease capital to passenger and cargo airlines around the world. The management team, which previously headed Pegasus Aviation and Sky Holding, has invested with Oaktree since the mid-1990s and has already begun deploying much-needed capital into the airline sector.
“We had announced in December that Sky is partnering with Oaktree, and we’re excited to launch the new Jackson Square brand to the marketplace,” said Richard Wiley, Jackson Square’s President and CEO. “We have ambitious growth plans over the next couple of years, and with $500 million in support from Oaktree we are well positioned to serve our customers by financing over $2 billion of Boeing and Airbus aircraft annually. Jackson Square’s emphasis is on sale/leasebacks of next-generation technology, to all of the world’s leading airlines. Sky will continue to run its existing businesses separately, primarily the management of a large mid-life aircraft fleet.”
Jackson Square has already entered transactions with two of its customers, Avianca and Air Berlin, for sale/leasebacks of 10 B737NG and A320 family aircraft. These transactions demonstrate Jackson Square’s commitment to growth in a challenging environment. “We’ve begun acquiring aircraft just at the point when our customers need lease capital the most,” said Toby Bright, Jackson Square’s Head of Marketing. “In this environment, we bring tremendous value in the form of our industry reach, expertise, flexibility and strong financial backing.”
Jackson Square Aviation is located in the Jackson Square Historic District of San Francisco, adjacent to the city’s financial center and home to an eclectic mix of shops, galleries and restaurants. “It’s a great home for us,” notes Scott Weiss, Jackson Square’s COO and Head of Capital Markets. “The Jackson Square district reflects much of our firm’s personality: in our capital-intensive, big-ticket industry we strive to maintain our entrepreneurial spirit and down-to-earth approach to customer service.”
About Jackson Square Aviation, LLC: Jackson Square is a full-service aircraft leasing company based in San Francisco with offices in Seattle, Miami, and Buenos Aires, with European and Asian offices opening in 2010. The management team, which had previously worked together at Pegasus Aviation and Sky Holding, has over 100 years of combined industry experience. The team has collectively acquired over $10 billion of aircraft, has purchased and/or remarketed over 400 aircraft, and has developed relationships with over 30 commercial lenders and investment banks across Europe, Asia and North America.
About Oaktree Capital Management, L.P.: Oaktree is a premier global alternative and non-traditional investment manager with approximately $73 billion in assets under management as of December 31, 2009. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in specialized private equity (including power infrastructure), distressed debt, high yield and convertible bonds, real estate, emerging market, and mezzanine finance. Oaktree was founded in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm today has approximately 600 employees and offices in 14 cities worldwide