Crestone Air Partners has entered into a definitive agreement to acquire aviation asset manager Arena Aviation Capital.
The acquisition will expand Crestone's aviation lifecycle platform's size and capabilities.
Upon closing, the combined platform is expected to include around 124 aircraft 17 engines on lease to customers globally. Additionally, Crestone will have over $4bn of assets under management and over 55 employees across five countries.
Crestone said Arena will bring a “seasoned team, a complementary portfolio, and deep expertise” to its global aviation management platform. The combined company will maintain offices in Denver, Amsterdam, and Dublin, with satellite presences in Singapore and Buenos Aires.
"This transaction is a natural strategic fit and reflects our belief that the industry benefits from disciplined consolidation,” said Kevin Milligan, CEO and co-founder of Crestone Air Partners. “Global coverage and scaled capital are essential to delivering durable value. Arena brings a highly respected team, with an excellent track record, strong technical capabilities, and long-standing relationships with aircraft owners and airlines.”
"We believe joining Crestone is the right next chapter, creating new opportunities for our team, strengthening our offering to investor clients, and positioning the platform for long-term success," said Patrick den Elzen, CEO of Arena Aviation Capital.
Crestone said it expects a “seamless integration”, with a portion of Arena's management team to play key roles in the combined organisation.
Crestone was advised by Pillsbury Winthrop Shaw Pittman as legal counsel, Kroll as financial advisor, and PwC on tax matters.
Crestone Air is majority owned by Air T.