Aims to help industry combat pilot shortage through expanded lease products
CHICAGO, May 6, 2022 /PRNewswire/ -- RESIDCO has acquired all the assets of Brown Aviation Lease, consisting of 31 aircraft on lease to several flight schools and major universities and 5 orders for delivery in 2022. Most of the aircraft consists of the Cessna 172 Skyhawk, a four-seat aircraft that is very popular amongst flight schools and the flying community with over 44,000 built. The average fleet age is 4 years old. RESIDCO is focused on aggressively expanding their presence in this market to offer additional lease solutions across the pilot training marketplace.
David Kolber, Director of Aviation Marketing "RESIDCO was very pleased to work with Jason Griswold and his team at Brown on this important transaction. The well documented pilot shortage has created significant stress on the entire aviation industry. To add to that, many flight training programs are facing a major re-fleeting as their aircraft approach 50 years old. There is significant demand for financing of these new aircraft and limited appetite from aviation focused lenders. Aside from the innovative work of Brown Aviation Lease, the leasing market for this segment is not well developed and RESIDCO looks forward to bringing its deep understanding of the leasing product and aviation knowledge to the market. We are eager to grow our presence and provide innovative leasing solutions to the flight school community."
Jason Griswold, Principal at Brown Aviation Lease "We are excited to have RESIDCO build on the leasing platform we started over a decade ago. Primary to our mission is to enable the Pilot Training community to access modern aircraft with a financial structure that is bespoke to each program. RESIDCO brings incredible expertise and capacity to an industry that is desperate for innovative financing solutions."
More About RESIDCO:
Built on the foundation of "Honest and Equitable Dealing," RESIDCO is a privately held rail and aircraft leasing firm based in Chicago, IL. Founded in 1982, the firm's aviation vertical specializes in the acquisition and leasing of commercial aircraft and engines. This acquisition will add to RESIDCO's extensive $350m lease portfolio.
If you are interested in learning more about leasing flight training aircraft, please don't hesitate to reach out to RESIDCO.
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