Crestone Air Partners Purchases one B737-800 from Castlelake, on lease with MIAT
Denver, COLORADO, November 4, 2024 — Crestone Air Partners, Inc. (CAP), a full-service aviation asset management platform is pleased to announce the acquisition of one B737-800 from a securitization managed by Castlelake, on lease with MIAT Mongolian Airlines.
This marks the first transaction between Crestone and Castlelake.
Steve Williamson, Principal, Head of Trading at Crestone, states “We are pleased to have completed our first transaction with Castlelake and hope that it is the first of many going forward. Their team was professional, attentive, and collaborative, working with us to move past any obstacles that we faced in a pragmatic fashion.”
The aircraft was funded through a combination of equity from Mill Road Capital and Air T, Inc., with debt from Ashland Place Finance. This marked Crestone’s third financing with Ashland Place, with the last being an aircraft facility comprised of three B737-800SFs.
Kevin Milligan, Crestone’s Chief Executive Officer, states, “Working with the dedicated and sophisticated Ashland Place team on another successful transaction has been a pleasure. Crestone remains committed to investing in the narrowbody sector and is delighted to have such reliable partners to facilitate these efforts.”
Jennifer Villa, Executive Director and Group Head of Ashland Place, adds, “We are thrilled to continue our partnership with Crestone on this latest transaction. We look forward to supporting the Crestone team’s future investment opportunities.”
About Crestone Air Partners, Inc.
Crestone Air Partners, Inc. (CAP) invests in commercial jet aircraft and the engines that power them on behalf of our capital partners. We are a full-service aviation asset management platform with a diverse portfolio of aircraft and engines leased to airlines globally. We target transactions in the secondary market, focusing on the last decade of the asset lifecycle. We take a collaborative approach with our clients by offering flexible lease terms tailored to our customers’ requirements. Crestone brings unique value to transactions by drawing on the expertise and capabilities of interrelated aviation specialist subsidiary businesses across the Air T family (airframe material sales, landing gear leasing, engine material sales, disassembly, and aircraft storage). Crestone is headquartered in Denver, Colorado, and is a wholly owned business unit of Air T, Inc. holding company (NASDAQ: AIRT). Additional information can be found at: www.crestoneairpartners.com.
About Ashland Place Finance LLC
Ashland Place Finance LLC is an institutional financing platform offering innovative capital solutions to the global commercial aerospace industry. Ashland Place is a wholly-owned subsidiary of Davidson Kempner Capital Management. Additional information can be found at: www.ashlandplace.com.
Media Contacts
Crestone Air Partners, Inc.
Tori Cerda
Manager, Marketing & Operations
t.cerda@crestoneairpartners.com
Ashland Place
Prosek Partners
pro-davidsonkempner@prosek.com