KKR and Altavair AirFinance, a leader in commercial aviation finance, entered into an agreement to form a long-term partnership to pursue the creation of a leading, global portfolio of leased commercial aircraft.
KKR will make a $1bn capital commitment to acquire commercial aircraft in partnership with Altavair over the next several years, and Altavair will be KKR’s partner for aircraft leasing investments going forward. KKR will also acquire a 50% interest in Altavair as part of the long-term partnership.
“Since our first investment in aircraft in 2015, we’ve recognized the increasing demand for both passenger and freighter aircraft. The decades-long proven track record that Altavair brings to this partnership is impressive and it is exactly the kind of company we were looking for when we sought out continued investment in aviation." Dan Pietrzak, KKR Member.
Altavair was advised by Milbank Tweed Hadley & McCloy. KKR was advised by Simpson Thacher & Bartlett.
Abry Partners acquired a majority stake in Millennium Trust from Parthenon Capital.
Abry Partners, a leading Boston-based private equity firm, made a significant investment in Millennium Trust Company, a leading provider of technology-enabled retirement services and institutional custody solutions for businesses, institutions, advisors, and individuals. Parthenon Capital Partners will retain a minority stake in Millennium Trust. Financial terms were not disclosed.
“Millennium Trust’s expertise and continuous innovation have created a leader in custody solutions, and we believe the Company will continue to grow and evolve in the markets it serves.” Azra Kanji, Abry Partner.
Millennium Trust and Parthenon have been advised by Raymond James & Associates, William Blair & Company, and Kirkland & Ellis. Abry was advised by Kirkland & Ellis.
TA Associates, a leading global growth private equity firm, has completed a strategic growth investment in Behavioral Health Works, a behavioral health services provider specializing in therapy and ancillary services for children with autism spectrum disorder and related disorders. Financial terms were not disclosed.
“We believe BHW has become a leader in providing therapy and behavioral health services to individuals affected by autism as a result of the company’s commitment to clinical quality and outcomes measurement." Emily C. McGinty, TA Associates Principal.
TA Associates was advised by Kirkland & Ellis and Deloitte. Behavioral Health was advised by Lewis Brisbois Bisgaard & Smith, Moss Adams, and Opus Bank.
Apollo wants to acquire GE's aircraft leasing operations worth up to $40bn.
Apollo Global Management is working on an offer to acquire General Electric’s aircraft leasing operations, which are worth as much as $40bn.
GE is already pressing on with divesting several assets, including spinning off its healthcare unit and shedding its stake in oilfield services company Baker Hughes. Apollo’s offer could put pressure on GE to also sell the aircraft unit.
