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Atlas Air Worldwide’s Titan Aircraft Leasing Unit to Receive Investment from Bain Capital Credit

Atlas Air Worldwide division Titan Aircraft Leasing announced a new long-term joint venture with Bain Capital Credit to develop a diversified freighter portfolio valued at approximately $1 billion.

Titan Aircraft Leasing Boeing 767-300 Freighter - Courtesy Atlas Air

Titan Aviation Holdings. Inc. a division of Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) reported on Wednesday a new long-term partnership with Bain Capital Credit, LP. The new business partnership will develop a diversified aircraft freighter portfolio valued at around $1B. The goal of the venture will be to capitalize on the demand for cargo aircraft in response to a robust e-commerce and express market environment. To fund the partnership, Bain has committed $360M in equity and Titan will provide an additional $40M, which may be increased over time to fund the acquisition over the next few years. Titan Aircraft leasing will provide aircraft and lease-management service expertise to the joint venture. In Wednesday’s announcement, Titan’s president and Chief Executive Officer, Michael T. Steen said,

“We are delighted to team up with Bain. Both Bain and Titan share the same vision and investment strategy. Together, we are extremely well-positioned for further opportunities in the growing freighter space.”

Also commenting on the new joint business venture, a Director at Bain Capital Credit, Matt Evans added,

“We have long admired Atlas and Titan as a best-in-class industry leader and are excited to join forces for a constructive and lasting partnership. We look forward to supporting the company’s next phase of phase of growth as it continues to leverage its deep relationships within the global airfreight community.”

Atlas Air Worldwide is a leading provider of outsourced aircraft and aviation operating services and is the parent company of Atlas Air, Southern Air Holdings and Titan Aviation Holdings. The company also holds a majority equity stake in Polar Air Cargo. Combined, Atlas Air Worldwide and subsidiaries operates the world’s largest fleet of Boeing 747 freighters. The company also offers customers a wide array of Boeing 747, 777, 767, 757, and 737 for domestic and international cargo and passenger services. Atlas Air’s CEO also said in Wednesday’s announcement,

“We continue to leverage the scale and scope of our operations, and our leadership in global aviation outsourcing. We are executing the right strategies, including opportunities like this to grow our Titan dry-leasing business. We were impressed with Bain’s knowledge about our industry and its ability to join with us as we look to achieve our mutual goals. We appreciate Bain’s confidence in our long-term growth strategy, and we value its desire to partner with us.”

Titan’s exclusive financial advisor and placement agent for the new business transaction was BNP Paribas and Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor. Bain’s legal advisor in the transaction was Kirkland & Ellis LLP.

Source: Atlas Air Worldwide Holdings


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