Turboprop lessor Abelo has been acquired by an affiliate of Cerberus Capital Management, transitioning from its previous ownership under funds managed by Oaktree Capital Management.
The Dublin-based company provides a fleet of turboprop aircraft through a full-service leasing platform, in addition to holding a strategic partnership with regional aircraft manufacturer ATR.
Stephen Gorman, CEO of Abelo, noted that the transaction marks an “exciting milestone” for the company: “We’re incredibly proud of what we’ve built in a short space of time, and grateful for the support from Oaktree in helping us establish a purpose-driven platform with a clear vision for the future of regional aviation.”
With Cerberus' investment and support, Abelo said that it is set to continue executing its strategic plans aimed at expanding its reach, enhancing partnerships and reinforcing its position within the regional aviation space.
“Our deep experience in the European aviation sector aligns perfectly with this partnership, and we’re excited to support the Company in broadening its reach as regional air travel remains as critical as ever,” commented Amit Trehan, senior vice president for Cerberus.
Cerberus has approximately $65bn in assets across complementary credit, real estate, and private equity strategies.
Transaction advisers to Cerberus for the deal included Clifford Chance, Ernst & Young (E&Y) and SGI, advising on legal, financial, tax, and industry matters. For Oaktree, PwC Corporate Finance served as transaction adviser, with Milbank handling legal, Deloitte overseeing financial advisory, and KPMG providing tax services.