Avalon File For $100 Million IPO
Published on Jun 11 2014 4:13 PM in General Industry
Avalon Aerospace Leasing Ltd., the private-equity supported aircraft financing firm, has filed for a $100 million US initial public offering as industry deal-making intensifies. The figure is a placeholder used to calculate registration fees and is subject to revision. Avalon, which is based in Dublin, didn’t specify the number of shares to be sold or give a price range in a US regulatory filing yesterday, details that may come closer to the offering. Avolon’s move follows through on the hiring of JPMorgan Chase and Co. and Morgan Stanley this year to weigh up a possible IPO or sale. The company, owned by Oak Hill Capital Partners LP, Cinven Ltd, and CVC Capital Partners Ltd, is the latest jet lessor to explore strategic options amid strong demand for fuel- efficient aircraft. CEO Domhnal Slattery had signaled his interest in a transaction by saying he was encouraged by acquisitions such as Sumitomo Mitsui Financial Group’s $7.3 billion purchase of Royal Bank of Scotland Group Plc’s aviation unit in 2012.