Milestone Aviation Group, already a force in rotorcraft leasing, will become more powerful in early 2015 when GE Capital Aviation Services (GECAS) closes on its $1.775 billion purchase of the Dublin-based lessor.
Milestone Founder and Chairman Richard T. Santulli summed up what becoming part of the GECAS family will mean: “We have 38 people and they have a global reach. The combination of our team and the GECAS resources worldwide can only help our business,” he said.
Santulli said the Milestone name and executive team will remain in place after the acquisition closes.
One major benefit of the purchase is that Milestone becomes part of a well-capitalized unit of GE. “It’s nice to be associated with a company where we don’t have to go to the market to get more capital.”
Milestone’s fleet includes 168 helicopters worth $2.8 billion and a strong forward order and option book of $3 billion worth of equipment from various rotorcraft manufacturers.
GECAS’ fleet consists of approximately 1,600 owned and serviced aircraft with over 230 airlines.