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Avolon is an aircraft leasing company headquartered in Dublin, Ireland.[1] It was founded in May 2010 by Dómhnal Slattery[2] and a team from RBS Aviation Capital[3][4]

Key Information

In December 2014, Avolon went public on the New York Stock Exchange (NYSE) with the ticker symbol AVOL, marking the largest listing of an Irish-founded company on the NYSE.[5] The following year, Avolon received a cash offer from Bohai Leasing Co., an affiliated Chinese leasing and financial services company, to acquire 100% of Avolon's common shares.[6] The acquisition by Bohai Leasing was completed in January 2016, leading to Avolon's delisting from the NYSE.

In November 2018, ORIX Corporation, a Japanese financial institution, acquired a 30% stake in Avolon from its shareholder, Bohai Capital,[7] which is part of the HNA Group. Avolon historically made headlines by placing the world's largest order for eVTOL aircraft.

In October 2022, Dómhnal Slattery, the founding CEO of Avolon, retired, and Andy Cronin, the founding CFO, succeeded him in the position.[8]

History

[edit]

Founding and Early Expansion

[edit]

Avolon was established in May 2010 by Dómhnal Slattery and a team from RBS Aviation Capital including John Higgins, Tom Ashe, Andy Cronin, Simon Hanson, and Ed Riley.[3] and received the 'Equity Deal of the Year' award from Airfinance Journal in 2011.[9] In January 2013, Avolon announced a joint-venture aircraft leasing business with Wells Fargo.[10][11] This partnership, known as Avolon Capital Partners (ACP), received regulatory approval in July 2013 and delivered its first aircraft, a Boeing 737-800 NG leased to Ryanair, in August of the same year.

In mid-2013, Avolon expressed support for changes in Irish legislation that aligned with the Cape Town Convention's Alternative A insolvency regime, enhancing protections for aircraft financing.[12] That same year, the company initiated and completed a major asset-backed securitization through its subsidiary, Emerald Aviation Finance. In September, Avolon announced the pricing and issuance of US $636 million in fixed-rate asset-backed notes, followed by the successful closing and funding of the transaction in October. The proceeds were used to acquire and refinance a fleet of 20 aircraft, with all modifications completed within 60 days.[13]

In November 2013, Avolon expanded its industry engagement by publishing a white paper titled Funding the Future: Matching the Demand for Aircraft with the Supply of Capital, which examined the long-term financing needs for global aircraft deliveries.[14] The same month they also commissioned a documentary, Pioneers and Aviators: A Century of Irish Aviation, highlighting key developments in Irish aviation history and the contributions of influential figures in the sector.[15]

Public Offering and Acquisition

[edit]

As of December 2014, Avolon completed its initial public offering and was listed on the New York Stock Exchange under the ticker symbol AVOL, becoming the largest-ever listing of an Irish-founded company on the NYSE.[5] A few months later in March 2015, Avolon published an updated analysis on the key factors influencing the economic life of commercial jet aircraft, building on their previous analysis issued in September 2012.[16]

In September 2015, Avolon announced that it had received a cash acquisition offer from Bohai Leasing Co., a Chinese financial services company affiliated with the HNA Group, to purchase 100% of Avolon's common shares at a price of US$31 per share.[6] The offer was accepted and the acquisition was finalized in January 2016, resulting in Avolon's delisting from the New York Stock Exchange. As part of the transaction, Avolon also assumed control of Hong Kong Aviation Capital, another Bohai-owned leasing company.[17]

Growth Through Acquisitions

[edit]

In July 2016, Avolon announced the acquisition of a portfolio of 45 aircraft from another lessor, marking the company's largest portfolio acquisition to date.[18] This expansion was followed by a strategic move in April 2017, when Avolon completed its acquisition of CIT Group's aircraft leasing business. The transaction created the third-largest aircraft leasing company globally, with a combined fleet of 850 aircraft valued over US$43 billion at the time.[6]

In May 2017, Avolon delivered the world's first Boeing 737 MAX 8 aircraft to Malindo Air, a Malaysian airline.[19] The followinwg month, the company signed a Memorandum of Understanding with Boeing to purchase 75 additional 737 MAX 8 aircraft, with options for 50 more. This agreement brought Avolon's total fleet to over 900 aircraft.[20]

Fleet Milestones and Financing

[edit]

In September 2018, Avolon opened its new global headquarters at Number One Ballsbridge in Dublin, with the event officiated by Ireland's Taoisearch, Leo Varadkar.[21] In November 2018, the Japanese financial services firm ORIX Corporation acquired a 30% stake in Avolon from its parent company, Bohair Capital.[7]

November 2018 also marked an aviation milestone by delivering the world's first Airbus A330neo aircraft to TAP Air Portugal.[22] This was followed in December 2018 by Avolon's largest-ever aircraft order, a purchase agreement for 100 Airbus A320neo family aircraft, with a list price valuation of US$11.5 billion.[23]

In April 2019, Avolon raised an additional US$2.5 billion in unsecured debt, which contributed to the company securing an investment-grade credit rating from Fitch, Moody's and S&P Global.[24] Two months later in June, Avolon announced an agreement with CFM International to purchase 140 LEAP-1A engines, valued at $2 billion at list prices. These engines were designated for 70 Airbus A320neo aircraft within Avolon's existing order book.[25]

Diversification and Innovation

[edit]

In June 2021, Avolon placed the world's largest order for electric vertical takeoff and landing aircraft at the time, committing to purchase 500 VX4 aircraft from Vertical Aerospace.[26] Later that year in October, they announced a partnership with Israel Aerospace Industries (IAI) to develop and expand air cargo conversion capabilities, further diversifying its fleet and presence in the global air freight market.[27]

Leadership changes followed in 2022, when Avolon's founding CEO, Dómhnal Slattery, retired. Andy Cronin, who had served as the founding CFO, was named his successor in July 2022 and officially assumed the role of Chief Execute Officer a few months later in October.[28]

Recent Developments

[edit]

As of September 30, 2023, Avolon had an owned, managed, and committed fleet totaling 897 aircraft, maintaining its position as one of the world's largest aircraft lessors.[29]

In May 2025, Avolon delivered the first of eight Airbus A320neo aircraft to Royal Jordanian Airlines.[30]

eVTOL order

[edit]

In June 2021, Avolon made an investment in the eVTOL company Vertical Aerospace. Vertical Aerospace announced its intention to list on the Stock Exchange through a SPAC transaction,[31] and they received orders for 1,000 eVTOLs from various companies, including American Airlines, Virgin Atlantic, and Avolon. Avolon placed the single largest order for eVTOLs globally, consisting of 500 Vertical VX4 aircraft. As of March 2022, Avolon had successfully allocated its order to airlines.[32]

Avolon has formed partnerships with GOL in Brazil, JAL in Japan, Gozen Holding in Turkey, Air Asia in Malaysia, and Air Greenland to establish eVTOL ride-sharing businesses utilizing the Vertical VX4 aircraft.[33]

Aircraft leasing in Ireland

[edit]

As of 2013, Ireland had established itself as a prominent jurisdiction for aircraft finance and leasing, according to law firm Dillon Eustace. The origins of the Irish industry can be traced back to the establishment of Guinness Peat Aviation in Shannon, County Clare, in 1975. A survey conducted by the Federation of Aerospace Enterprises in Ireland estimated that aviation leasing companies in Ireland managed assets valued at approximately €82.9 billion in 2013.[34]

The financing of aircraft requires a substantial amount of capital, with an estimated annual need exceeding US$100 billion to cover all aircraft deliveries. Aircraft leasing has gained prominence and now accounts for about 40% of the global aircraft financing market. This growth is attributed to airlines recognizing the advantages of leasing, which offers greater flexibility in managing their aircraft fleets. Some lessors anticipated that the proportion of leased aircraft in the global fleet would increase to as much as 50% in the years following 2012.[35]

Publications

[edit]

In April 2019, Avolon released a white paper titled "Project I: Positioning Ireland at the Forefront of Global Startup Innovation." The paper assessed Ireland's start-up ecosystem in comparison to global best practices and offered recommendations to enhance Ireland's global standing and support entrepreneurs.[36]

In July 2018, Avolon published a white paper titled "India, a 21st Century Powerhouse." The paper provided a comprehensive analysis of India's air travel market, covering factors impacting the commercial airline sector and an in-depth breakdown of passenger markets, airline fleets, and future growth projections. The paper projected that India's passenger fleet would nearly double to around 1,100 aircraft by 2027, with a total value of delivered aircraft estimated at $60 billion over the next decade at current list prices. The analysis also highlighted a shortfall of 300 aircraft in India's commercial aviation order book to meet the anticipated growth in demand. The demand was driven primarily by forecasted annual growth rates of 9.6% for domestic passenger demand and 8.3% for international passenger demand.[37]

In the first half of 2017, Avolon published a white paper series titled "The Land of Silk and Money," focusing on the Chinese aviation market. The series analyzed the development, growth, and maturation of China's domestic airline industry, as well as the inbound and outbound travel markets. The analysis indicated that Chinese airlines would require an additional 3,200 aircraft by 2026 to meet future fleet requirements. At the time, more than 50% of these aircraft remained to be ordered, including 1,150 narrow-bodied aircraft, 400 wide-bodied aircraft, and 150 regional jets.[38]

In September 2012, Avolon released an analysis of commercial aircraft's economic lives and retirement patterns. The analysis aimed to evaluate the validity of current assumptions regarding the economic life of commercial jets, which are typically depreciated over a useful life of approximately 25 years. This analysis was particularly relevant as a significant number of aircraft, around 8,000, were expected to be retired over the next decade, surpassing the total number of retirements since the inception of commercial aviation in the 1960s.[39] The Avolon analysis examined changes in retirement trends over time, differences in retirement behavior among specific aircraft types, and the potential impact on retirement trends and aircraft economic values due to the retirement of newer fleets, including the Airbus A320 and Boeing 737NG aircraft.[16]

In February 2013, Avolon published an analysis and investor guide on the anticipated market impact of the transition to new-generation Airbus (320Neo) and Boeing (737MAX) single-aisle aircraft families. The analysis explored how the transition from previous-generation A320ceo and 737NG aircraft to A320Neo and 737MAX models would influence the single-aisle aircraft market in the coming years.[12] The study indicated that the value impact on predecessor models would be limited due to the substantial number of current-generation aircraft in use and the high proportion of the global fleet approaching retirement. The authors predicted that rising passenger numbers in developing countries would drive demand for both the Neo and MAX models, as well as for current-generation aircraft, as airlines sought to increase capacity while facing long waiting lists for the new models. The strong order backlogs of Airbus and Boeing also made the second-hand market an appealing option for fast-growing carriers.[40]

In March 2015, Avolon released an updated analysis of the key factors influencing the economic life of commercial jet aircraft, building upon the previous analysis issued in September 2012. The 2015 analysis also addressed aircraft retirement and storage trends. The paper concluded that retirement patterns had not significantly changed since 2012, with the average retirement age remaining around 25 years and more than 50% of fleets staying in service beyond that point.[16]

Documentary on Irish Aviation: 'Pioneers and Aviators'

[edit]

In November 2013, Avolon announced the commissioning of a documentary titled "Pioneers and Aviators: A Century of Irish Aviation," which explores the history of Irish aviation. The documentary highlights the achievements and challenges of pioneering individuals who played a significant role in shaping Ireland's aviation landscape. It covers various milestones such as the first transatlantic flight by Alcock and Brown, the evolution of Aer Lingus, the development of airports at Foynes, Shannon, and Dublin, the contributions of Tony Ryan, the rise and fall of GPA, and the enduring influence of Ryanair. The documentary was directed by Alan Gilsenan, an accomplished filmmaker, writer, and theater director, with the score composed by Mícheál Ó Súilleabháin in collaboration with the RTÉ Concert Orchestra.

The premiere of the documentary took place at the Irish National Concert Hall in Dublin on January 22, 2014. It was later broadcast in two episodes on RTÉ Television on February 20 and 27, 2014.[15]

In June 2015, Avolon launched a commemorative photographic book bearing the same title, "Pioneers and Aviators, A Century of Irish Aviation." The book was officially unveiled at an event held at Casement Aerodrome in Baldonnel, Co. Dublin, attended by Taoiseach Enda Kenny TD, Domhnal Slattery (Avolon CEO), Eamonn Brennan (Chief Executive of the Irish Aviation Authority), and Brigadier General Paul Fry (GOC of the Air Corps).[41]

Europe's first MSc in Aviation Finance

[edit]

In April 2016, the UCD Michael Smurfit Graduate Business School launched the first MSc in Aviation Finance in Europe. Avolon, along with other prominent aircraft leasing companies, is an industry partner for this master's degree program.[42]

The primary objective of the course is to support and maintain Ireland's status as the largest hub for aviation finance and leasing worldwide.[43]

Initiatives with the Royal Hibernian Academy

[edit]

In October 2015, Avolon announced two initiatives in collaboration with the Royal Hibernian Academy (RHA) as part of its corporate and social responsibility program.[44] These initiatives are the Avolon Global Studio and the Avolon Youthreach Program. The launch event was attended by Domhnal Slattery, Avolon CEO; Mick O'Dea, RHA President; and Patrick T. Murphy, RHA Director.

Avolon Global Studio: In partnership with Avolon, the RHA initiated a global search for an artist who would be awarded a 6-month studio placement at the RHA during 2016, 2017, and 2018. The first residency began in July 2016, offering an international artist a six-month placement at the RHA to further develop their work. In April 2016, Avolon and the RHA announced that Colombian artist Adriana Salazar would be the first participant in the Avolon Global Studio Program.[45] The second artist to join the program in 2017 was Iranian artist Jinoos Taghizadeh.[46] The selection for the third artist to receive the Avolon Global Studio Award will be from India.[47]

Avolon Youthreach Program: In collaboration with the national Youthreach scheme, the RHA will invite six young students, chosen from submissions received from the 160 Youthreach Centers across the country, to participate in four workshops. These workshops aim to enhance their artistic skills, introduce them to art galleries and colleges, and provide fundamental tools of artistic criticism. By working alongside practicing artists, the students will not only develop practical skills but also gain insights into the opportunities and challenges of pursuing a professional artistic career in Ireland.[48]

Awards

[edit]

Avolon has been recognized with various industry awards, including the Airfinance Journal 2020 Lessor of the Year Award.[49] In 2016, Avolon received the Company of the Year and Aviation Leasing Achievement of the Year Awards at the Aviation Industry Awards. Domhnal Slattery, CEO of Avolon, was honored with the Outstanding Contribution to the Aviation Industry award in 2016.[50] Slattery has also been awarded the NYU Ireland House 2020 Lewis L. Glucksman Award for Leadership and the 2021 Ireland-US Council Award for Outstanding Achievement.[51]

References

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Avolon

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from Grokipedia
Avolon is a leading global finance company that provides leasing and lease management services to airlines worldwide. Headquartered in , , it was founded in May 2010 by Dómhnal Slattery and a team of finance experts from RBS Aviation Capital, emerging as one of the largest private equity-backed startups in the sector at the time. Since its inception, Avolon has expanded rapidly through strategic acquisitions and fleet growth, including the $10.4 billion purchase of CIT Group's commercial aircraft leasing business in 2017, which more than doubled its portfolio. The company was acquired by Bohai Leasing Co., Ltd. in 2016 and later saw its ownership structure evolve, with 70% held by Bohai Leasing (an indirect subsidiary of ) and 30% by Aviation Systems Ltd. as of 2024. Avolon focuses on young, fuel-efficient aircraft, such as the and A320neo families, to support airline fleet modernization and sustainability goals. As of September 30, 2025, Avolon's owned, managed, and committed fleet totals 1,159 , serving 141 airlines across 62 countries, with a of $149 million for Q3 2025 reflecting strong performance amid industry recovery. Recent milestones include a 90- order from (75 A321neo and 15 A330neo) for delivery through 2033 and major leasing deals, such as six 737-8 MAX to and a sale-leaseback of a 787-9 Dreamliner to . Under CEO Andy Cronin since 2022, Avolon continues to prioritize innovation in , maintaining one of the youngest fleets among top lessors.

History

Founding and Early Expansion

Avolon was established in May 2010 as a global aircraft leasing company by a consortium of firms, including , , and , which provided an initial equity commitment of US$750 million as part of a broader US$1.4 billion capital raise. The company was founded by Dómhnal Slattery, former CEO of RBS Aviation Capital, along with a team of experts, aiming to capitalize on the growing demand for operating leases in the post-financial crisis recovery period. From its inception, Avolon focused on acquiring, managing, and selling commercial passenger , emphasizing sale-and-leaseback transactions and direct purchases from manufacturers to build a modern fleet. In early , the company secured agreements for 11 new under sale-and-leaseback structures with four airlines, marking its entry into active portfolio development. By September , Avolon announced leases for nine —five to and four to —with initial deliveries commencing that month and continuing into 2012, bringing its committed fleet to 88 serving 25 customers. These early transactions targeted high-demand narrow-body types like the and , while plans for wide-body acquisitions, including the , were underway to diversify the portfolio. Avolon's rapid expansion continued through targeted purchases and deliveries from Boeing and Airbus, achieving a fleet exceeding 100 aircraft by the first quarter of 2012, with total capital raised surpassing US$4.6 billion. By mid-2013, the committed fleet had grown to 171 aircraft, including the first Boeing 787-8, supported by nine new deliveries valued at over US$540 million in the second quarter alone, such as a Boeing 777-300ER. Headquartered in Dublin, Ireland, Avolon leveraged the country's established aviation finance ecosystem, including tax efficiencies and regulatory expertise, under the leadership of founding CEO Dómhnal Slattery to position itself as a key player in the global leasing market.

Ownership Changes and Public Offering

In June 2014, Avolon Holdings Limited filed a registration statement with the U.S. Securities and Exchange Commission for an on the , aiming to raise up to $300 million to support fleet expansion and general corporate purposes. The IPO was successfully completed on December 12, 2014, with 13.6 million shares priced at $20 each, raising approximately $273 million before underwriting discounts. The shares traded under the AVOL, marking a significant milestone for the company as an Irish-founded entity listing on the NYSE. Following the IPO, Avolon received a cash acquisition offer from Bohai Leasing Co. Ltd., a subsidiary of China's HNA Group, in September 2015, valuing the equity at approximately $2.55 billion or $31 per share—a 55% premium over the IPO price. The transaction, which included an enterprise value of about $7.6 billion accounting for debt, closed on January 8, 2016, making Avolon a wholly owned subsidiary of Bohai and enabling accelerated growth through access to HNA's resources. This ownership shift delisted Avolon from the NYSE and positioned HNA as a major player in global aircraft leasing. In November 2018, Japan's Corporation acquired a 30% stake in Avolon from Bohai Leasing for $2.2 billion, diversifying the structure while HNA retained majority control. This partial divestment prompted a upgrade, with revising Avolon's outlook to positive and affirming a 'BB' rating, citing the improved credit quality of ORIX as a and enhanced protections. The ORIX investment facilitated board , including minority protections and strategic oversight mechanisms that insulated Avolon from company influences, fostering long-term partnerships and stability. These enhancements contributed to Avolon's path toward investment-grade status by 2019. Overall, the transitions provided critical capital that supported subsequent fleet expansion to over 500 aircraft by the early .

Growth Through Acquisitions

Avolon's growth strategy has prominently featured targeted acquisitions of aircraft portfolios and leasing entities to expand its scale, diversify its fleet composition, and enhance its market position in the global aviation finance sector. These moves have allowed the company to integrate high-quality assets, broaden customer relationships, and mitigate risks associated with market volatility, particularly in the post-COVID recovery period where demand for efficient fleet management surged. A pivotal acquisition occurred in 2017 when Avolon completed the purchase of CIT Group's commercial aircraft leasing business for US$10.38 billion, significantly bolstering its portfolio with established leases and operational synergies. This deal added substantial narrowbody and widebody assets, propelling Avolon's owned and managed fleet to 868 and establishing it as the world's third-largest lessor at the time, while diversifying exposure across major airlines and regions. To optimize its portfolio amid evolving market dynamics, Avolon executed selective divestitures, such as the May 2024 sale of four aircraft—one A330-900, two A321neo, and one A320ceo—to CDB Aviation, which featured a mix of fixed and floating rate leases. This transaction exemplified Avolon's approach to refining its holdings by offloading assets to align with strategic priorities, thereby improving liquidity and focusing on higher-yield opportunities without compromising overall fleet quality. The company's most transformative deal to date was the January 2025 completion of its US$5 billion acquisition of Castlelake Aviation Limited, originally announced in 2024, which integrated 106 leased and 10 new-technology commitments into Avolon's operations. This acquisition expanded the total fleet to 1,129 (664 owned and managed, plus 465 commitments), marking Avolon's largest transaction and introducing enhanced services while diversifying fleet types to include more narrowbody, widebody, and regional jets leased to a broader array of global carriers. The move was driven by aims to capture greater , spread leasing risks across geographies, and capitalize on the robust post-pandemic rebound, with financing structured to support long-term stability.

Fleet Milestones and Financing

Avolon's fleet grew significantly from its early years, starting with an owned fleet of approximately 105 in 2014, noted for having the youngest average age of 1.4 years among major lessors at the time. By mid-2015, the owned and managed fleet had expanded to 152 , with an average age of around 2.7 years by the end of the third quarter, maintaining its position as one of the youngest fleets globally. This emphasis on new, fuel-efficient models such as the and Boeing 787 helped position Avolon for sustainable growth, with the fleet reaching over 500 owned and managed by the end of 2020, including a substantial portion of new-technology widebodies and narrowbodies designed for lower emissions and operating costs. A key milestone came in December 2018 when Avolon placed its largest-ever order for 100 aircraft, valued at $11.5 billion at list prices, comprising 75 A320neos and 25 A321neos, which solidified its status as the third-largest aircraft lessor and boosted its orderbook for fuel-efficient assets. By 2023, this strategic expansion contributed to robust financial performance, with lease revenue increasing 6% year-over-year to $2.47 billion and surging 45% to a record $1.75 billion, reflecting strong demand for Avolon's modern fleet. Financing played a pivotal role in supporting this asset growth, with Avolon relying on a mix of unsecured bond issuances, (ECA) support, and facilities to fund acquisitions and orders. For instance, it secured ECA-backed loans from agencies like (UKEF) and Nippon Export and Investment Insurance for specific aircraft purchases, including Boeing 787-9s, providing long-term, government-supported at competitive rates. In 2025, Avolon raised $2.2 billion in unsecured funding, including $1.25 billion in senior unsecured notes and additional facilities, to repay $829 million in secured and support further fleet expansions. This diversified approach, combining public market access with ECA and syndicated loans from over 17 institutions, enabled efficient capital raising while maintaining a strong liquidity profile. Placement success further underscored Avolon's market strength, achieving 99% coverage for its delivery slots by the third quarter of 2025, including the placement of eight additional from its orderbook to various airlines. This high placement rate, driven by proactive leasing strategies, ensured minimal exposure to undelivered inventory and capitalized on the robust post-pandemic demand for efficient aircraft.

Recent Developments

In the third quarter of 2025, Avolon reported a of US$149 million, marking a 24% increase from US$120 million in the same period of 2024, primarily driven by sustained strong demand for leasing and an active secondary trading market that facilitated portfolio optimization. The company acquired 17 while selling 15 and securing agreements for 60 additional sales during the quarter, contributing to robust of US$539 million and underscoring the effectiveness of its strategies amid recovering demand. A key strategic move in 2025 was Avolon's order for 90 new , comprising 75 A321neo and 15 A330neo models with deliveries scheduled through 2033, as highlighted in the company's update; this commitment enhances its future delivery pipeline and positions it to capitalize on industry recovery and long-term growth in efficient, narrow-body and wide-body segments. Under CEO Andy Cronin since 2022, Avolon has emphasized initiatives and global expansion, including targets to compose 75% of its fleet with new-technology, lower-emissions by the end of 2025. Avolon has navigated ongoing geopolitical tensions and economic uncertainties by prioritizing supply chain resilience, as discussed by its leadership at industry forums addressing complexities like regional conflicts and trade disruptions. In response to supply chain bottlenecks affecting aircraft production, the company has focused on diversifying its sourcing and leasing partnerships while advancing integration of sustainable aviation fuel (SAF) through support for feasibility studies in Ireland and commitments to decarbonization pathways. These efforts align with broader industry goals for net-zero emissions, positioning Avolon to mitigate risks from volatile fuel prices and regulatory pressures.

Operations

Aircraft Leasing and Fleet Management

Avolon's core business revolves around providing operating leases and sale-and-leaseback transactions to airlines worldwide, enabling access to modern aircraft without substantial upfront capital outlays. The company structures these leases primarily as dry operating leases, where the lessee airline assumes operational control, including crew, maintenance, and insurance responsibilities, while Avolon retains ownership and manages the asset lifecycle. Sale-and-leaseback deals, such as the 2023 agreement for nine Airbus A320neo family aircraft with the Cathay Group, allow airlines to liquidate assets for immediate cash while continuing operations under lease terms. These arrangements serve over 140 airlines across more than 60 countries, fostering long-term partnerships with carriers in regions including Asia-Pacific, Europe, and the Americas. The fleet, comprising 1,159 owned, managed, and committed aircraft as of September 30, 2025, emphasizes a balanced portfolio of narrow-body and wide-body models for optimal utilization and remarketing flexibility. Narrow-body aircraft, such as the Airbus A320neo family and Boeing 737 MAX series, dominate for short- to medium-haul routes, while wide-body types like the Airbus A350 and Boeing 787 support long-haul efficiency with fuel-saving technologies. Avolon targets young, fuel-efficient assets, maintaining the youngest fleet among the world's top three lessors to minimize maintenance costs and maximize resale value. Fleet management prioritizes high utilization through proactive remarketing, with the company executing dozens of lease transitions annually to reassign aircraft to new operators. Day-to-day operations encompass aircraft delivery coordination, often securing premium slots from manufacturers like and , followed by rigorous maintenance oversight via partnerships such as the 2025 agreement with Caerdav for transition checks on A320 family aircraft. Lease transitions involve detailed inspections and compliance verifications to ensure seamless handovers, while end-of-lease redeliveries are managed with precise condition assessments, including calculations for maintenance reserves and adjustments to uphold asset integrity. These processes, supported by global offices in , , , , , and New York, enable efficient oversight and rapid response to market demands, sustaining strong lease performance.

Role in Irish Aviation Finance

Ireland's aviation finance ecosystem has positioned the country as a global leader in aircraft leasing, managing approximately 50% of the world's leased commercial aircraft fleet. This dominance stems from a of favorable incentives, including the use of Section 110 securitization companies that allow for efficient structuring of leasing transactions with low effective rates on profits, and an extensive network of over 70 double taxation treaties that minimize withholding taxes on , dividends, and payments. Additionally, Ireland's membership in the provides access to a stable regulatory framework under the European Aviation Safety Agency (EASA), facilitating seamless operations across the while benefiting from the Cape Town Convention on international interests in mobile equipment, which enhances creditor protections in leasing disputes. Avolon, as one of 's premier aircraft lessors headquartered in , plays a pivotal role in this ecosystem, contributing to the broader sector's support of over 8,500 direct and indirect jobs nationwide through and service linkages. The company actively engages in policy advocacy to bolster the industry's competitiveness, including as a member of Aircraft Leasing Ireland (ALI), which lobbies for enhancements in tax structures, regulatory efficiencies, and incentives; for instance, Avolon publicly endorsed legislative updates that improved access to international capital markets for Irish lessors. These efforts help sustain 's attractiveness to global investors, with Avolon's operations exemplifying how local firms drive economic value, including through innovative financing models that align with green goals. The growth of Irish aircraft leasing accelerated from 2010 onward, emerging as a key response to the 2008 global financial crisis when traditional bank financing for airlines diminished, creating opportunities for independent lessors to fill the void. Avolon, founded in 2010 by acquiring assets from RBS Aviation Capital, quickly established itself alongside giants like —formed from the remnants of earlier Irish pioneers such as Guinness Peat Aviation—as a major player, helping expand the sector's assets under management from approximately €83 billion in 2009 to over €100 billion by the mid-2010s. This period marked Ireland's transition from a niche player to the epicenter of global aviation finance, with lessors like Avolon leveraging Dublin's talent pool and infrastructure to support airline fleet modernization worldwide. Despite these successes, the sector has navigated significant challenges, including the uncertainties of , which minimally disrupted operations due to Ireland's continued EU alignment but prompted some UK-based entities to relocate structures to for tariff and regulatory stability. The further tested resilience, with leasing income plummeting in 2020 before a robust recovery; by 2024, sector-wide income reached €21.9 billion, up 54% from 2014 levels, as Avolon and peers adapted through portfolio restructurings, enhanced liquidity facilities, and a shift toward sustainable investments to meet post-crisis demand for fuel-efficient fleets. These adaptations underscore the sector's adaptability, with Irish lessors like Avolon emerging stronger amid evolving geopolitical and environmental pressures.

eVTOL Initiatives

In June 2021, Avolon placed an order for up to 500 electric vertical takeoff and landing () aircraft from , valued at $2 billion, which was the largest such commitment in the industry at the time. This move established Avolon-e, a dedicated subsidiary focused on advancing leasing and operations. By the first quarter of , Avolon had fully placed its 500-aircraft orderbook, nine months after the initial announcement, with key customers including GOL Linhas Aéreas (250 units for ), AirAsia ( units for ), Gözen Holding (up to 100 units for the Turkish market, comprising 50 firm orders and 50 options), and (50 units). These placements highlighted strong global demand for technology and positioned Avolon as a central in early market adoption. Avolon's eVTOL strategy emphasizes zero-emission to reduce aviation's , fostering partnerships for commercialization such as infrastructure development and regulatory alignment in regions like , , and . These efforts integrate with broader decarbonization goals, including the industry's net-zero emissions target by 2050, and complement Avolon's sustainability initiatives in its conventional fleet. By 2023, Avolon's placements contributed to Vertical Aerospace's total pre-order commitments exceeding $5.4 billion across multiple partners, underscoring accelerated progress toward sustainable .

Corporate Initiatives

Educational Programs

Avolon played a pivotal role in advancing finance education through its sponsorship of Europe's first MSc in Aviation Finance program at University College Dublin's Graduate Business School. Launched on April 12, 2016, in partnership with industry leaders including , GECAS, , , and Snecma (), the program commenced in September 2016 and focuses on equipping students with specialized knowledge in the sector. The curriculum emphasizes practical aspects of aviation finance, including aircraft valuation, leasing structures, risk management, aviation law, financial analysis, and airline economics, delivered through a combination of coursework, practical research, and industry internships. Avolon contributed directly by offering internships, scholarships, research project opportunities, and guest lectures from its experts, with a commitment to support the program for at least five years (2016-2021) to foster leadership talent in the field. In addition to academic partnerships, Avolon supported educational resources through publications like the 2015 book Pioneers and Aviators: A Century of Irish Aviation, a companion to its 2013-commissioned documentary of the same name. This commemorative volume details historical case studies of Irish aviation milestones, serving as a resource for understanding the sector's evolution and heritage. The book also incorporates cultural heritage elements, such as key figures and events in Ireland's aviation history. These initiatives helped build a robust talent pipeline for the aircraft leasing industry, with program securing key roles such as Senior Analyst at Avolon and Pricing Analyst at , thereby sustaining Ireland's position as a global hub for expertise.

Cultural and Artistic Contributions

Avolon actively supported the preservation and promotion of Irish heritage through targeted cultural initiatives. In 2013, the company commissioned Pioneers and Aviators: A Century of Irish Aviation, which premiered in January 2014 at Dublin's National Concert Hall. The film chronicles Ireland's history, highlighting milestones such as the first non-stop by Alcock and in and the broader evolution of the industry from early pioneers to modern developments. This project not only celebrated Ireland's contributions to but also underscored Avolon's commitment to documenting national achievements in the field. Since 2015, Avolon has maintained a longstanding partnership with the Royal Hibernian Academy (RHA) of Arts, focusing on initiatives that foster artistic exchange and accessibility. From 2015 to at least 2019, through the Avolon Global Studio Award, the company sponsored six-month artist residencies at the RHA for international talents, with Colombian artist Adriana Salazar selected as the inaugural winner in 2016. Complementing this, from 2015 to at least 2019, the Avolon Youthreach Programme collaborated with Ireland's national Youthreach scheme to provide workshops for young people from disadvantaged backgrounds, enabling six participants annually to engage in creative education at the RHA. These efforts aimed to nurture emerging talent and promote within Ireland's arts community. Avolon's cultural engagement extends to its corporate spaces, where rotating exhibitions of curated by the RHA are displayed in its headquarters. These displays feature works by contemporary Irish artists, such as recent installations by Peter Burns in 2025. The partnership's impact was recognized in 2019 when Avolon received the Allianz Business to Arts Award for Best Long Term Partnership, honoring its sustained collaboration with the RHA.

Awards and Recognition

Avolon has received numerous industry awards recognizing its achievements in leasing and . In 2025, Avolon was awarded the European M&A Deal of the Year, Best European M&A, and Best European Deal. Also in 2025, CEO Andy Cronin received the CEO of the Year award at the Airline Economics Global Leaders 100 Awards. In July 2025, Avolon was named Company of the Month by Business & and following a €12 billion jet order and profit surge. In 2024, Avolon won the Loans & Financing: Aircraft Leasing award. , President & Chief Commercial Officer, received the New York Business Leadership award from the Irish American Partnership. Earlier recognitions include the 2019 Aviation Leasing Achievement Award at the Aviation Industry Awards. In 2016, Avolon received the Company of the Year and Aviation Leasing Achievement of the Year awards. It also won the Aviation Leasing Achievement Award in 2014.

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