FPG Amentum and BC Partners has acquired Crianza Aviation, the aircraft leasing platform owned by IMM Investment, Cerritos, and EastMerchant Capital. The deal was signed this week and announced today.
IMM and EastMerchant signed a Sale and Purchase Agreement (SPA) to divest 100% of Crianza Aviation Limited and Crianza Aviation Leasing Limited (together, “Crianza Aviation”) to a fund advised by BC Partners Credit, the private credit arm of BC Partners, a leading international investment firm, in partnership with FPG Amentum, a global aircraft asset manager.
The platform consists of 11 widebody aircraft on lease to Tier 1 credits, which will be managed by FPG. FPG Amentum currently manages a portfolio of assets in excess of US$2bn.
It is understood that EastMerchant and Crianza Aviation had a cross-shareholding agreement, with EastMerchant owning shares in Crianza, and Crianza owning shares in EastMerchant. Following this transaction, EastMerchant has bought back its shares and is once again an independent operating company.
Following the platform exit, IMM is expected to secure a successful return of capital and plans to reinvest into new strategies and potential partnerships across aviation finance and adjacent real assets.
Jin Heum Paek, CEO of IMM Investment Singapore office, said: “While aircraft finance offers inherently stable returns, it has often been perceived as a challenging asset class in the Korean market. In this context, IMM has managed the platform systematically and over the long term — from lease inception through exit — underpinned by market leading expertise. We strengthened structural resilience through high-quality lessees, as evidenced during the COVID period.
"We believe this transaction provides a credible Korean paradigm for an aviation lessor, demonstrating global competitiveness and disciplined execution. We expect it will enhance investor confidence and help establish a virtuous cycle that brings more high-quality opportunities to the Korean market.”
Ted Goldthorpe, Partner and Head of BC Partners Credit, said: “This acquisition reflects our continued confidence in the long-term fundamentals of the aviation industry, offering robust income characteristics to our investor partners. BCP’s long-term capital base allows us to pursue high-quality aircraft assets at scale, underscoring our commitment to creating value throughout the transaction life cycle by thoughtful and dynamic asset management.
"We are pleased to further deepen our relationship with FPG Amentum, underlining our mission to develop partnerships with sector-leading players and leveraging their knowledge to originate and manage compelling investment opportunities.”
IMM was advised by Goldman Sachs, Milbank, KPMG, Matheson, and lindenpartners.
BCP was advised by Pillsbury, Clifford Chance, KPMG, and McCann FitzGerald.
The transaction, which is subject to customary closing conditions, is expected to close in Q4 2025.