Business World

Wednesday 29 January 2020

Avolon reveals new directors 
in $2bn stock market plan

Domhnal Slattery, chief executive officer of Avolon Leasing Group
Domhnal Slattery, chief executive officer of Avolon Leasing Group
John Mulligan

John Mulligan

A former theoretical physicist from Princeton University is one of two planned new appointments to the board of Irish aircraft leasing firm Avolon as it progresses towards a stockmarket listing.

New filings with the US Securities and Exchange Commission in New York reveal details of the two nominees to the board of the company, which was established by and is headed by Clare-born entrepreneur Domhnal Slattery, pictured below.

Hamid Biglari is one of the nominees.

He's currently managing partner at the US-based TGG Group.

He previously held a number of key roles with Citigroup, including head of emerging markets and vice chairman of Citicorp.

Prior to joining Citi, he was the co-head of McKinsey's global investment banking consulting practice. Before that, he was a theoretical physicist at Princeton, where he gained his PhD in Astrophysical Sciences.

TGG Group says that its businesses use behavioural science, field experimentation and advanced techniques in order to "unpack the knowledge hidden in big data", allowing clients to use that knowledge to increase productivity, reduce costs and drive growth.

Among TGG Group's co-founders is Steven Levitt, the co-author of the international best-selling Freakenomics series of books. Mr Levitt is a professor of economics at the University of Chicago.

Avolon also intends to appoint Gary Perlin to its board.

Until last year, Mr Perlin was the chief financial officer of US financial giant Capital One. He retired that year and served as a senior advisor to Capital One's chief executive until earlier this year.

Mr Perlin joined Capital One in 2003 from the World Bank. He had been chief financial officer at the World Bank since 1998 and had also spent over a decade working for Fannie Mae, the lender that was taken over by the US government in 2008 amid the global financial crisis.

Avolon was founded in 2010 by Mr Slattery, and has secured financial backing totalling $7.5bn since then.

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.

It's been speculated that Avolon could have a market capitalisation of around $2bn (€1.5bn) if it lists.

Earlier this month it emerged that China's largest aerospace firm, state-owned Avic Capital, was also 
in talks to possibly acquire Avolon.

Avolon's owners include private equity firms Oak Hill Capital, Cinven and CVC Capital Partners. The government of Singapore is also an investor.

Avolon currently has 118 aircraft deployed with 48 airlines around the world, while it has another 94 on order and manages 11 aircraft.

Last month, Avolon placed an order for six Boeing Dreamliners with a list price of $1.5bn and for 15 Airbus A330 neo aircraft with a $4.1bn list price.

Irish Independent

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