Founding and Early Expansion
Avolon was established in May 2010 by Dómhnal Slattery and a team from RBS Aviation Capital including John Higgins, Tom Ashe, Andy Cronin, Simon Hanson, and Ed Riley.[3] and received the 'Equity Deal of the Year' award from Airfinance Journal in 2011.[9] In January 2013, Avolon announced a joint-venture aircraft leasing business with Wells Fargo.[10][11] This partnership, known as Avolon Capital Partners (ACP), received regulatory approval in July 2013 and delivered its first aircraft, a Boeing 737-800 NG leased to Ryanair, in August of the same year.
In mid-2013, Avolon expressed support for changes in Irish legislation that aligned with the Cape Town Convention's Alternative A insolvency regime, enhancing protections for aircraft financing.[12] That same year, the company initiated and completed a major asset-backed securitization through its subsidiary, Emerald Aviation Finance. In September, Avolon announced the pricing and issuance of US $636 million in fixed-rate asset-backed notes, followed by the successful closing and funding of the transaction in October. The proceeds were used to acquire and refinance a fleet of 20 aircraft, with all modifications completed within 60 days.[13]
In November 2013, Avolon expanded its industry engagement by publishing a white paper titled Funding the Future: Matching the Demand for Aircraft with the Supply of Capital, which examined the long-term financing needs for global aircraft deliveries.[14] The same month they also commissioned a documentary, Pioneers and Aviators: A Century of Irish Aviation, highlighting key developments in Irish aviation history and the contributions of influential figures in the sector.[15]
Public Offering and Acquisition
As of December 2014, Avolon completed its initial public offering and was listed on the New York Stock Exchange under the ticker symbol AVOL, becoming the largest-ever listing of an Irish-founded company on the NYSE.[5] A few months later in March 2015, Avolon published an updated analysis on the key factors influencing the economic life of commercial jet aircraft, building on their previous analysis issued in September 2012.[16]
In September 2015, Avolon announced that it had received a cash acquisition offer from Bohai Leasing Co., a Chinese financial services company affiliated with the HNA Group, to purchase 100% of Avolon's common shares at a price of US$31 per share.[6] The offer was accepted and the acquisition was finalized in January 2016, resulting in Avolon's delisting from the New York Stock Exchange. As part of the transaction, Avolon also assumed control of Hong Kong Aviation Capital, another Bohai-owned leasing company.[17]
Growth Through Acquisitions
In July 2016, Avolon announced the acquisition of a portfolio of 45 aircraft from another lessor, marking the company's largest portfolio acquisition to date.[18] This expansion was followed by a strategic move in April 2017, when Avolon completed its acquisition of CIT Group's aircraft leasing business. The transaction created the third-largest aircraft leasing company globally, with a combined fleet of 850 aircraft valued over US$43 billion at the time.[6]
In May 2017, Avolon delivered the world's first Boeing 737 MAX 8 aircraft to Malindo Air, a Malaysian airline.[19] The followinwg month, the company signed a Memorandum of Understanding with Boeing to purchase 75 additional 737 MAX 8 aircraft, with options for 50 more. This agreement brought Avolon's total fleet to over 900 aircraft.[20]
Fleet Milestones and Financing
In September 2018, Avolon opened its new global headquarters at Number One Ballsbridge in Dublin, with the event officiated by Ireland's Taoisearch, Leo Varadkar.[21] In November 2018, the Japanese financial services firm ORIX Corporation acquired a 30% stake in Avolon from its parent company, Bohair Capital.[7]
November 2018 also marked an aviation milestone by delivering the world's first Airbus A330neo aircraft to TAP Air Portugal.[22] This was followed in December 2018 by Avolon's largest-ever aircraft order, a purchase agreement for 100 Airbus A320neo family aircraft, with a list price valuation of US$11.5 billion.[23]
In April 2019, Avolon raised an additional US$2.5 billion in unsecured debt, which contributed to the company securing an investment-grade credit rating from Fitch, Moody's and S&P Global.[24]
Diversification and Innovation
In June 2021, Avolon placed the world's largest order for electric vertical takeoff and landing aircraft at the time, committing to purchase 500 VX4 aircraft from Vertical Aerospace.[26] Later that year in October, they announced a partnership with Israel Aerospace Industries (IAI) to develop and expand air cargo conversion capabilities, further diversifying its fleet and presence in the global air freight market.[27]
Leadership changes followed in 2022, when Avolon's founding CEO, Dómhnal Slattery, retired. Andy Cronin, who had served as the founding CFO, was named his successor in July 2022 and officially assumed the role of Chief Execute Officer a few months later in October.[28]
Recent Developments
As of September 30, 2023, Avolon had an owned, managed, and committed fleet totaling 897 aircraft, maintaining its position as one of the world's largest aircraft lessors.[29]
In May 2025, Avolon delivered the first of eight Airbus A320neo aircraft to Royal Jordanian Airlines.[30]
