- Aviation Finance Company’s parent company Stellwagen acquires partial stake in Volito Aviation Services
- Aviation financing business strengthened through enhanced aircraft management capabilities
DUBLIN, Dec. 1, 2014 /PRNewswire/ -- Stellwagen Finance Company, the parent company of Aviation Finance Company Limited (AFC) based in Dublin, Ireland, has announced that it has acquired a partial stake in Sweden-based Volito Aviation Services A.B. (VAS) and its Irish subsidiary. The acquisition will be completed in two phases, the first of which has now been finalized. This acquisition will help broaden AFC’s capability to provide aircraft servicing, thereby taking another significant step forward in the development of AFC’s aviation financing and investment business.
AFC Chief Executive Officer Douglas Brennan said: “The acquisition of a stake in Volito complements AFC’s financing operations and strengthens our ability to serve our corporate investors by enhancing our capacity to offer a wide range of aircraft management services. These services can range from the purchase and resale of aircraft and engines to aircraft maintenance monitoring, debt collection, or aircraft repossession capabilities.”
Volito A.B. Chairman Karl-Axel Granlund said: “In the context of the Volito Group focusing its efforts on activities in other areas, I am personally very pleased that this outstanding service platform, built up through 23 years of investment, will continue to develop and support the innovation that AFC is bringing to the aviation industry.” Mr. Granlund will remain on the board of Volito Aviation Services A.B. Volito Aviation Services Chief Executive Officer Siggi Kristinsson stated in a joint release: “This is an energizing and exciting new beginning for our team. We have had a very good collaboration with AFC over the past 12 years, and it is clear that this acquisition will create value for both companies.”
Volito primarily manages aircraft assets for VGS and various other third parties, but none of these aircraft assets have been purchased. Once the second phase of the acquisition is completed, Volito will be renamed Guardian Aviation Services Limited in 2015.