Dublin-based Apollo Aviation targets expansion of its fleet to 250 aircraft
Apollo Aviation Group, a US investment firm that specialises in aviation investments and has one of its main bases in Dublin, expects its aircraft fleet to grow to 170 from 131 by the end of this year, according to co-founder and president Robert Korn.
The company focuses on acquiring narrowbody, mid-life jets, typically between 10 and 15 years old, from other lessors. Its single biggest customer is American Airlines and it has aircraft deployed around the world.
In an interview with the Irish Independent, Mr Korn said that he sees opportunities to acquire aircraft that are currently deployed in Asia with other lessors.
Mr Korn also said that within three years, he would expect Apollo's fleet to have expanded to about 250 aircraft.
Apollo Aviation Group is privately held and has $3.5bn of assets under management.
It uses funds raised primarily from institutional investors to bankroll its fleet expansion. Its assets increased in value by 42pc last year, as it bought 55 jets.
The company employs 25 people in Dublin, and expects that to increase.
He said demand for aircraft remains robust. "All of our airplanes are flying. We're very happy with the market."