GE Capital has completed the sale of its corporate aircraft leasing portfolio, valued at about $2.5bn, to Global Jet Capital, a business backed by private equity firms GSO Capital Partners, the Carlyle Group and AE Industrial Partners.

The outstanding part of the portfolio covered around 30 aircraft based in Mexico and Brazil, with these accounts now transferred to Global Jet Capital. Although the majority of the aircraft financed by the company are based in the US and Canada, Global Jet Capital said it saw strong signs of growth potential in markets outside North America.

The Brazilian fleet of mid-size, large cabin and jetliner business aircraft is around 330 strong, accounting for more than half the South American total, said Global Jet. The equivalent Mexican fleet is approximately 570 aircraft, 60 of which were delivered in the last five years.

Former GE Capital employee Dave Labrozzi, now chief operating ffficer of Global Jet Capital, said: "In my previous role at GE, I was heavily involved in establishing this portfolio and I’m really looking forward to building on it at Global Jet Capital. There is huge demand for aircraft financing around the world and we are expanding our team to help meet that demand and capitalize on new growth opportunities."

Last year GE recorded Q3 results of $27.1bn revenue and $4.5bn profit from industrial and verticals, after signing off on $126bn of divestments, including the $30bn divestment of lending and leasing arm to Wells Fargo.

In September last year, Leasing Life reported GE’s decision that it would keep its UK and European leasing business and merge it with GE’s UK banking arm.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

GE UK Equipment Finance managing director Gabriele D’Uva said at the time: "Through the thorough evaluation of the implications of the 10th April announcement, we have reassessed the sale of the Equipment Finance UK business. For financial and strategic reasons, Equipment Finance UK will not form part of the GE Capital divestment process and will become part of the UK Bank Group.