Titan Aviation Holdings and Bain Capital Credit have agreed to form a joint venture to develop a diversified freighter aircraft leasing portfolio with an anticipated value of approximately $1 billion.
Under the joint venture, Bain and Titan have committed to provide $360 million and $40 million of equity capital, respectively, which may be supplemented with additional commitments over time, to acquire aircraft over the next several years.
“We are delighted to team up with Bain,” said Titan president and chief executive officer Michael T. Steen. “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.”
“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,” said Matt Evans, a director at Bain Capital Credit. “We look forward to supporting the company’s next phase of growth as it continues to leverage its deep relationships within the global airfreight community.”