Vedder Price Advises Air T, Inc. in new $408M Aircraft Asset Management Business
Vedder Price is pleased to announce that it represented Air T, Inc. (NASDAQ: AIRT), an American holding company that operates a group of independent, yet interrelated, aviation businesses, in the formation of a new aircraft asset management business, Contrail Asset Management (“CAM”), and a new aircraft joint venture, Contrail JV II LLC (“CJVII”), capitalized with up to $408 million in equity capital.
The new joint venture has been formed as a scalable asset management platform that complements Air T’s existing operating businesses. The venture will focus on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. CJVII will target investments in current generation narrow body aircraft and engines, building on Contrail Aviation Support, LLC’s comprehensive origination and asset management expertise. CJVII will initially be capitalized with up to $408,000,000 of equity from Air T and three institutional investor partners.
Global Transportation Finance Shareholders Mark J. Ditto, Adam R. Beringer and Investment Services Group Shareholder Cody Vitello led the Vedder Price team, which also included Associates Jillian S. Greenwald and Adam S. Goldman.
“We are delighted to have supported Air T in the structuring and execution of this deal, drawing on our extensive experience across all aspects of the transaction and solidifying our ability to achieve great results,” said Mr. Ditto. “We enjoyed working with Air T on setting up this platform as it implements its expansion strategy. Being able to do so is a testament to our team’s skills in joint venture transactions and everything aviation-related,” added Mr. Vitello.
Vedder Thinking | News Vedder Price Advises Air T, Inc. in new $408M Aircraft Asset Management Business
Press Release
May 13, 2021
Vedder Price is pleased to announce that it represented Air T, Inc. (NASDAQ: AIRT), an American holding company that operates a group of independent, yet interrelated, aviation businesses, in the formation of a new aircraft asset management business, Contrail Asset Management (“CAM”), and a new aircraft joint venture, Contrail JV II LLC (“CJVII”), capitalized with up to $408 million in equity capital.
The new joint venture has been formed as a scalable asset management platform that complements Air T’s existing operating businesses. The venture will focus on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. CJVII will target investments in current generation narrow body aircraft and engines, building on Contrail Aviation Support, LLC’s comprehensive origination and asset management expertise. CJVII will initially be capitalized with up to $408,000,000 of equity from Air T and three institutional investor partners.
Global Transportation Finance Shareholders Mark J. Ditto, Adam R. Beringer and Investment Services Group Shareholder Cody Vitello led the Vedder Price team, which also included Associates Jillian S. Greenwald and Adam S. Goldman.
“We are delighted to have supported Air T in the structuring and execution of this deal, drawing on our extensive experience across all aspects of the transaction and solidifying our ability to achieve great results,” said Mr. Ditto. “We enjoyed working with Air T on setting up this platform as it implements its expansion strategy. Being able to do so is a testament to our team’s skills in joint venture transactions and everything aviation-related,” added Mr. Vitello.
