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Sunday 21 September 2014

Aircraft leasing firm Avolon plans IPO, values it at $2bn

Published 09/06/2014 | 23:33

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Domhnal Slattery, chief executive officer of Avolon
Domhnal Slattery, chief executive officer of Avolon

Dublin-based aircraft leasing firm Avolon, which was established by Clare entrepreneur Domhnal Slattery, intends to float on the stock exchange in New York in a move that could value it at $2bn (€1.4bn).

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Avolon has filed documents this evening with the US Securities and Exchange Commission notifying it of the proposed stockmarket debut.

Avolon said it had not yet determined how many shares might be sold or what price they would be sold at.

A recent analysis by Bloomberg estimated that Avolon could be worth as much as $2bn if it undertook an initial public offering.

In April, it emerged that Avolon had hired JP Morgan Chase and Morgan Stanley to explore a possible stockmarket listing or a sale of the business. Avolon is owned by private equity firms including Oak Hill Capital Partners, Cinven and CVC Capital Partners.

Avolon has raised a total of $7.5bn in capital since it was launched by Mr Slattery (47) in 2010. The entrepreneur sold his International Aviation Management firm to RBS in 2001 for €36m.

Mr Slattery is chief executive of Avolon.

The company has 202 aircraft either deployed with clients, including airlines around the world, or on order from manufacturers.

Avolon announced it has filed a registration statement on Form F-1 with the US Securities and Exchange Commission for the proposed initial public offering (IPO). The offering is expected to be solely secondary.

The number of shares to be sold and the price range for the proposed offering have not yet been determined. The company is understood to have a fleet of 182 planes and is backed by private equity forms Oak Hill Capital Partners, Cinven and CVC Capital Partners.

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