Mon, Dec 08, 2014
Aviation Finance Company Parent Takes On A Swedish Concern
Stellwagen Finance Company, the parent company of Aviation Finance Company Limited (AFC) of Dublin, Ireland has announced the purchase of Volito Aviation Services A.B. (VAS) of Sweden together with its Irish subsidiary. The acquisition will be completed in two stages and the first stage is now completed. This acquisition represents another step in the evolution of AFC's aviation finance and investment business by broadening its ability to offer aircraft servicing capabilities.
Douglas Brennan, Chief Executive Officer of AFC said, "The acquisition of Volito nicely complements AFC's financing operations and strengthens our ability to serve our investors by enhancing our ability to offer a wide range of aircraft management services from sourcing and re-marketing aircraft and engines to aircraft maintenance surveillance, collection or repossession capabilities and more."
"As the Volito Group concentrates its activity on other sectors," said Karl-Axel Granlund, the Chairman of Volito A.B., "it gives me great personal satisfaction that our 23 years of investment in building this premier servicing platform will again grow in support of the innovation that AFC has brought to the aviation industry." Mr. Granlund will remain on the board of Volito Aviation Services A.B. In a joint statement,Siggi Kristinsson, CEO of Volito Aviation Services said, "This is a refreshing and exciting new beginning for our team. We have worked extremely well with AFC over the last 2 years and the acquisition clearly makes sense for both."
Volito manages aircraft assets for VGS and various other third parties, but none of these aircraft assets were purchased. The Volito name will be changed to Guardian Aviation Services Limited during 2015 upon completion of the second phase of the acquisition.
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