BAE Systems sells aircraft management business

The combined production and sale of British aircraft has effectively ended after 100 years with the disposal by BAE Systems of its commercial aircraft lease portfolio and asset management business known as Regional Aircraft.  The world’s second largest regional jet lessor by fleet value and the tenth largest aircraft by fleet size has 16 customers in 11 countries.  The business is responsible for the management of 151 commercial aircraft owned by BAE Systems, which are included in the sale, plus the management of third party owned commercial aircraft on behalf of airlines and investors. 

Purchaser is New York-based venture capitalist Fortress Investment Group.  The sale, which is expected to close in the third quarter of 2011, is for a cash consideration of US$187m.  Based at Hatfield, on the site of the former de Havilland aircraft factory, Regional Aircraft handled the selling of Britain’s last commercial aircraft, the BAe 146 and its variants.  Paul Stirling (Senior VP), Steve Doughty (VP Sales Director and Rob Morris (VP Marketing and Analysis) are retained by the new owners.  The support and engineering activities of BAE Systems Regional Aircraft are not included in this sale and Alan Fraser and his staff at Prestwick remain in place. www.baesystems.com/businesses/regionalrircraft/index.htm

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