Griffin Global Asset Management (Griffin) and Bain Capital Special Situations (Bain Capital) have agreed to acquire 17 new technology Rolls-Royce Engines, including Trent XWB-84s, Trent XWB-97s, Trent 1000s, and Trent 7000s. The engines will be owned by a newly-formed standalone entity and used as spares by the Rolls-Royce global customer base.
For Griffin and Bain Capital, this deal demonstrates their ability to provide bespoke solutions to airlines, original equipment manufacturers, and others across the industry.
”We are excited to have completed this transaction with the Rolls-Royce team and look forward to supporting their customers over the coming years,” said Ryan McKenna, chief executive officer of Griffin.
“This transaction is emblematic of our ability to provide scale and flexible solutions to support leading companies across the aviation sector,” said Matt Evans, a partner at Bain Capital.
Bank of America led the acquisition financing of the engines, with key commitments to the facility from Mizuho Bank, Citibank, and Goldman Sachs Bank.
Hughes Hubbard & Reed and Akin Gump Strauss Hauer & Feld acted as legal advisors to Griffin and Bain Capital, while Milbank acted as legal advisors to the lenders.