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Willis Lease Finance Corporation (NASDAQ:WLFC) ("WLFC" or the "Company"), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced it has entered into an agreement to sell Bridgend Asset Management Limited, the consultancy and advisory arm of WLFC, to Willis Mitsui & Co. Engine Support Limited ("WMES"), its longstanding joint venture with Mitsui & Co., Ltd ("Mitsui"). This strategic move reflects WLFC's commitment to strengthening collaboration with its partners and enhancing this joint venture's capabilities in aviation services. Together, WLFC and Mitsui will focus on significantly expanding WMES's services offerings and aviation asset portfolio. The completion of the transaction is subject to customary regulatory approvals and closing conditions.
Established in 2011 and headquartered in Dublin, WMES currently owns and manages assets totaling approximately $360 million. The integration of WLFC's technical consultancy and record management services will further expand the joint venture's service offerings, leveraging the combined expertise, global reach and operational efficiencies of both partners. As a 50% owner of WMES, WLFC plans to continue utilizing WMES for its services and to leverage synergistic benefits.
"We think this transaction is a real win for our shareholders," said Austin C. Willis, Chief Executive Officer of WLFC. "Not only does the expansion of WMES allow for a premium return on equity when considering earnings plus fees, but the transaction itself unlocks fresh capital that can be reinvested to accelerate WLFC's portfolio growth.
"We see tremendous opportunity in the commercial aviation space, and this transaction provides us the substance to drive growth for our global platform," said Yuichi Nagata, General Manager of Aerospace Business Division of Mitsui & Co. "This transaction will continue to strengthen Mitsui's and WLFC's long-term relationship."
Posted In: WLFC
