NEW
YORK, Nov. 12, 2024 /PRNewswire/ -- Ashland
Place Finance LLC ("Ashland Place"), a commercial aviation
financing platform, today announced the completion of a new
facility financing the acquisition of a Boeing 737-800 for Crestone
Air Partners, Inc. ("Crestone"),
Air T, Inc. ("Air T") and Mill Road Capital Management LLC ("Mill
Road").
This is the third transaction that the Ashland Place platform
has completed with Crestone,
having previously financed the acquisitions of three Boeing 737-800
freighters in January 2024 and four
CFM56 engines in July 2022.
"We are proud to continue our relationship with Crestone through this additional financing
opportunity," said Jennifer Villa,
Ashland Place's Executive Director and Group Head. "We look forward
to further supporting them on future transactions."
Kevin Milligan, Crestone's Chief Executive Officer, added, "We
are once again pleased to have partnered with Jennifer and the
talented team at Ashland Place. They continue to prove their
expertise in aviation lending through their innovative approach to
this transaction, and we are excited to continue fostering our
partnership in the future."
A&O Shearman served as legal counsel for Ashland Place and
Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to
Crestone, Air T and Mill Road.
About Ashland Place Finance LLC
Ashland Place Finance
LLC is an institutional financing platform offering innovative
capital solutions to the global commercial aerospace
industry. Ashland Place is a wholly-owned subsidiary of
Davidson Kempner Capital Management LP. Additional information can
be found at: www.ashlandplace.com.
About Crestone Air Partners
Crestone Air Partners,
Inc. (CAP) invests in commercial jet aircraft and the engines that
power them on behalf of our capital partners. We are a full-service
aviation asset management platform with a diverse portfolio of
aircraft and engines leased to airlines globally. We target
transactions in the secondary market, focusing on the last decade
of the asset lifecycle. We take a collaborative approach with our
clients by offering flexible lease terms tailored to our customers'
requirements. Crestone brings
unique value to transactions by drawing on the expertise and
capabilities of interrelated aviation specialist subsidiary
businesses across the Air T family (airframe material sales,
landing gear leasing, engine material sales, disassembly, and
aircraft storage). Crestone is
headquartered in Denver, Colorado,
and is a wholly owned business unit of Air T, Inc. holding company
(NASDAQ: AIRT). Additional information can be found at:
www.crestoneairpartners.com.
About Air T, Inc.
Established in 1980, Air T, Inc. is
a portfolio of powerful businesses and financial assets, each of
which is independent yet interrelated. Its core segments are
overnight air cargo, ground equipment sales, commercial jet engines
and parts, and corporate and other. We seek to expand, strengthen
and diversify Air T's after-tax cash flow per share. Our goal is to
build Air T's core businesses, and when appropriate, to expand into
adjacent and other industries. We seek to activate growth and
overcome challenges while delivering meaningful value for all
stakeholders. For more information,
visit www.airt.net.
About Mill Road Capital Management LLC
Mill Road
Capital is a private investment firm focused on investing in and
partnering with publicly traded micro-cap companies in the U.S. and
Canada. The firm has flexible,
long-term capital with the ability to purchase shares in the open
market, buy large block positions from existing shareholders,
provide capital for growth or acquisition opportunities, or execute
going-private transactions. The firm has raised approximately
$900 million of aggregate equity
capital commitments and has offices in Greenwich, CT and the San Francisco Bay Area. More information can
be found at http://www.millroadcapital.com.
Ashland Place Media Contact:
Prosek Partners
pro-davidsonkempner@prosek.com
Crestone Media Contact:
Tori
Cerda
Manager, Marketing & Operations
t.cerda@crestoneairpartners.com
Air T, Inc. Media Contact:
Tracy Kennedy
Chief Financial
Officer
tkennedy@airt.net
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SOURCE Ashland Place
