BUSINESS AVIATION

Seraph Aviation Group appoints new Head of Commercial Origination - Aviation Services

Seraph Aviation Group | October 28, 2020

Seraph Aviation Group, the specialised aviation asset manager headquartered in Dublin, Ireland, has announced the appointment of Gerry Power to the position of Head of Commercial Origination - Aviation Services. With over 30 years of aviation industry experience, Gerry has represented numerous airlines, investors, leasing companies and banks and has concluded over 150 aircraft transactions worldwide. His extensive experience and passion make Gerry an ideal person to join Seraph Aviation Group.

Spotlight

Disruptions are an unavoidable fact of modern air travel. With load factors exceeding 80% and airlines carefully controlling capacity to remain profitable, there is precious little “slack” in the system to accommodate even relatively minor disruptions. Throw in an east-coast snowstorm or a line of thunderstorms in the Midwest, and you have the recipe for crowds of frustrated passengers broadcasting their angst in real time via social media.


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BUSINESS AVIATION

Aviation Capital Group Announces Financing of Two Airbus A321neo LR Aircraft for TAP Air Portugal

Aviation Capital Group | April 13, 2022

Aviation Capital Group LLC (“ACG”) announced today the secured financing of two Airbus A321neo LR aircraft for TAP Air Portugal (“TAP”). This financing marks the fifth use by ACG’s Aircraft Financing Solutions (“AFS”) program of its $650 million secured funding facility. This allowed ACG to provide a senior secured loan to TAP and to partner with Novus Aviation Capital (“Novus”), who provided complementary mezzanine financing. Together, ACG and Novus were able to offer TAP an attractive and comprehensive financing solution. “ACG is grateful to have had the opportunity to work with TAP and Novus on this financing. We were able to draw upon our established relationship with Novus to effectively meld the senior and junior loans and to provide TAP with timely and efficient financing. Moreover, we were finally able to bring to fruition ACG’s long held desire to work with TAP again,” said Andrew Falk, Managing Director of ACG. “We are delighted to complete this transaction with both ACG and TAP, continuing to support an existing airline customer. Not only are we building on our relationship with this additional financing for TAP, but we are also very proud to have a strong foundation with ACG that will allow both parties to collaborate on future opportunities. This debt structure is an attractive value proposition and the combination of asset type and stakeholders involved makes it appealing for both Novus and Tamweel Aviation Finance, one of the industry’s leading mezzanine loan providers.” Mamoun Kuzbari, Chief Commercial Officer, Novus Aviation Capital “TAP is very pleased to work with ACG and Novus on this financing and we are very confident that these two additional A321neo LR aircraft that are joining our fleet, already one of the youngest and most efficient in the world, will contribute to the success of our airline,” said Gonçalo Pires, Chief Financial Officer of TAP Air Portugal. About Aviation Capital Group Aviation Capital Group was founded in 1989 and is one of the world’s premier full-service aircraft asset managers with over 440 owned, managed and committed aircraft as of December 31, 2021, which are leased to approximately 90 airlines in approximately 45 countries. ACG is a wholly owned subsidiary of Tokyo Century Corporation.

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AEROSPACE

HONEYWELL SELECTED BY LOCKHEED MARTIN SIKORSKY-BOEING TO POWER DEFIANT X HELICOPTER IN KEY U.S. ARMY PURSUIT

Honeywell | February 15, 2022

Honeywell has been selected to provide its new HTS7500 turboshaft engine as the power behind the Lockheed Martin Sikorsky-Boeing DEFIANT X® helicopter, currently a contender to win the U.S. Army's Future Long-Range Assault Aircraft (FLRAA) competition. The HTS7500 turboshaft engine is the newest and most technologically advanced model in Honeywell's family of military engines, which includes the iconic T55 engine that has powered the H-47 fleet for over 60 years. Like the T55, the HTS7500 is a highly reliable engine designed to thrive in austere environments and to perform to keep military personnel safer. The HTS7500 enhances mission readiness and exceeds mission power and fuel consumption requirements. The new engine comes equipped with a modernized control system, which enables a highly secure flow of engine data. The control system improves operating capabilities, reduces life-cycle costs, and ensures engine health status through its digital thread road map. "This engine builds upon the battle-proven architecture of the T55, but the HTS7500 takes engine performance, reliability and efficiency to a whole new level, The engine is structurally similar, which is great for maintainers in the field because they can use current tools and training. However, when it comes to performance, the HTS7500 is 42% more powerful than the T55-GA-714A and has the lowest total weight compared to other engines in its horsepower class." -Dave Marinick, president, Engines and Power Systems, Honeywell Aerospace. "We're committed to the U.S. Army's focus on modernization and multidomain operations, and the selection of Honeywell's latest engine technology for the DEFIANT X® is proof of that commitment, The HTS7500 checks all the right boxes for the Lockheed Martin Sikorsky-Boeing team and the Army, and we are excited to play a part in the future of vertical lift for our Army customer and Team DEFIANT." -Ricky Freeman, president, Defense and Space, Honeywell Aerospace. The DEFIANT X® will be the fastest, most maneuverable assault helicopter in history. It can fly two times faster and farther than the Black Hawk and is currently being tested in a digital combat environment, where it continues to prove its unmatched range and survivability. FLRAA was initiated by the U.S. Army in 2019 to develop a new utility helicopter that will replace the Sikorsky UH-60 Black Hawk starting in 2030. The Black Hawk was developed in the 1960s and 1970s and was selected by the U.S. Army in 1976. FLRAA will provide the next generation of capability for decades to come for the U.S. Army, and the HTS7500 has been built to provide world-class reliability and time on wing for this next generation of aircraft. Engines designed by Honeywell have been at the forefront of aircraft propulsion for nearly seven decades, shaping aviation's progress in civilian and military applications around the world. Honeywell's high-performance, high-power engines combine rigorous testing with rugged design, ensuring smoother operation in the harshest environments. Continuous improvement programs have resulted in engines that today provide more power with lower fuel consumption, enhanced safety and proven reliability. About Honeywell Honeywell Aerospace products and services are found on virtually every commercial, defense and space aircraft. The Aerospace business unit builds aircraft engines, cockpit and cabin electronics, wireless connectivity systems, mechanical components and more. Its hardware and software solutions create more fuel-efficient aircraft, more direct and on-time flights and safer skies and airports. Honeywell is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable.

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AVIATION TECHNOLOGY

Wheels Up Officially Closes Acquisition of Air Partner plc

Wheels Up | April 04, 2022

Wheels Up Experience Inc., the leading brand in private aviation, today announced it has officially closed its acquisition of Air Partner plc, a U.K.-based global aviation services group with operations in 18 locations and four continents. Under the terms of the transaction, and following stockholder and regulatory approval, Wheels Up has acquired the entire issued share capital of Air Partner for 125 pence per share, equivalent to an enterprise value of approximately $109 million. Founded in 1961, Air Partner is a global aviation services company providing private jet, group and freight charter and aviation safety & security solutions to industry, commerce, governments and private individuals, across civil and military organizations. "We are thrilled to welcome the Air Partner team as Wheels Up officially goes global. Air Partner's rich 60-year history in private aviation and complementary services will be an excellent enhancement of our brand as we continue to expand our marketplace and deliver a world-class experience for our members and customers. Bringing these two teams together is a tremendous advantage as we work to reinvent the future of private travel." Wheels Up Chairman and CEO Kenny Dichter In addition to expanding Wheels Up's core private travel offering internationally, the acquisition also adds group charter, freight and safety & security services to the Wheels Up portfolio. The Air Partner leadership team – including CEO Mark Briffa – will continue in their roles going forward. "The response to this acquisition from our stockholders to our employees to our partners has been overwhelmingly positive," Briffa said. "We expect to leverage Wheels Up's investments in brand, technology, operations and service as we continue our strong start to 2022." Over time, the company expects to operate all of its core private aviation services under a unified, global Wheels Up brand, building on its established equity as a recognized and trusted private aviation provider. The Air Partner group's subsidiaries – Baines Simmons, Redline Assured Security, CHS Engineering Services and Kenyon International Emergency Services – will continue to operate their established brands under the broader Wheels Up umbrella. Wheels Up expects the integration of Air Partner's historically profitable business to be accretive to contribution margin and adjusted EBITDA in the first year. Air Partner will maintain its Gatwick, U.K., headquarters. About Wheels Up Wheels Up is the leading provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. Powered by a growing marketplace of more than 1,500 safety-vetted and verified aircraft, Wheels Up is the only company in the industry to offer a total private aviation solution that includes a relentless focus on safety and service, with flexibility across all types of aircraft, membership programs, corporate solutions, aircraft management, whole aircraft sales and commercial travel benefits through a strategic partnership with Delta Air Lines. The Wheels Up App enables members and customers to search, book and fly. Wheels Up Connect, Core and Business memberships provide enhancements such as flight sharing, empty-leg Hot Flights, Shuttle Flights, Shared Flights, signature Wheels Down events and exclusive member benefits from preeminent lifestyle brands. Wheels Up's ongoing Wheels Up Cares program aligns with philanthropic organizations and initiatives that affect and matter to the company and its customers, members, stakeholders, families and friends. The Wheels Up Cares fleet comprises five custom-painted Beechcraft King Air 350i aircraft, with each plane serving as a flying symbol for a specific social cause. About Air Partner: Founded in 1961, Air Partner is a world-leading international aviation services group providing aircraft charter, aviation safety & security solutions and managed services to industry, commerce, governments and private individuals, across civil and military organizations. The Air Partner Group has two divisions: Air Partner Charter, comprising group charter, private jets, freight and specialist services; and Air Partner Services (previously Safety & Security), which comprises Baines Simmons, an aviation safety management and fatigue risk management consultancy, Redline Assured Security Ltd, a leading provider of global security solutions, Air Partner CHS, a leading international engineering company, Kenyon International Emergency Services, Inc., a world leader in emergency planning and incident response, and managed services. Air Partner has 18 locations across four continents, with its headquarters located alongside Gatwick airport in the UK. The group employs around 450 professionals globally and operates 24/7. It is ISO 9001:2015 compliant for commercial airline and private jet solutions worldwide.

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BUSINESS AVIATION

Acquisition of SimpleFlying.com by Valnet Inc.

SimpleFlying.com | December 29, 2021

Valnet Inc. (or “Valnet”) has successfully completed the acquisition of SimpleFlying.com (the “Company”), the leading online destination for aviation enthusiasts. The Company is a reference in the aerospace industry, providing the latest news and information on aircraft, airlines, airports, passenger experience, and other aspects of commercial aviation. In 2021, the Company also co-hosted its first ever Future Flying Forum, an industry-focused event for aviation professionals and enthusiasts alike. “Simple Flying has been an incredible journey, from what started out as a personal passion for airlines and the commercial aviation industry has turned into a platform read and loved by millions. I would like to personally thank everyone who has been involved and made Simple Flying possible, both past and present. This acquisition marks an exciting next step in Simple Flying's journey and I'm excited for the future of the platform.” -Simple Flying Founder and CEO, Arran Rice Valnet is looking forward to integrating Simpleflying.com within its portfolio of brands and build upon the Company’s strong foundations - loyal readers, quality publishing and brand authority. This acquisition further strengthens Valnet’s position as the leading digital content investor that aligns itself with market-leading digital publishers. About Valnet Inc. Driven by passion and performance, Valnet’s overarching goal is to create and distribute content to millions of users daily across our brands. With more than 3 billion web sessions and 20 billion Youtube views, Valnet is the leading digital content investment company that owns and operates a diversified portfolio of premier publishing and studio assets. About Simple Flying Simpleflying.com has been online since 2018, making it one of the fastest-growing digital publishers in the commercial aviation vertical. The site served over 7 million unique monthly visitors in November 2021.

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Spotlight

Disruptions are an unavoidable fact of modern air travel. With load factors exceeding 80% and airlines carefully controlling capacity to remain profitable, there is precious little “slack” in the system to accommodate even relatively minor disruptions. Throw in an east-coast snowstorm or a line of thunderstorms in the Midwest, and you have the recipe for crowds of frustrated passengers broadcasting their angst in real time via social media.

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