Avolon

Avolon is an international aircraft leasing and aviation finance company headquartered in Dublin, Ireland, with its registered headquarters in the Cayman Islands. Rather than selling aircraft directly to passengers or operating scheduled flights, Avolon acquires aircraft from manufacturers and other owners and leases them to airlines around the world. Its business covers new and used commercial aircraft, aircraft portfolio management, structured finance, asset-backed financing, engine financing, cargo-conversion initiatives and emerging aviation technologies. The company was established in May 2010 by Dómhnal Slattery and a group of aviation-finance professionals from RBS Aviation Capital. It entered the market during a period when airlines were increasingly using operating leases to obtain fleet capacity without purchasing every aircraft outright. Avolon pursued rapid scale through manufacturer orders, portfolio acquisitions, joint ventures and capital-markets transactions. In 2011 it received Airfinance Journal's Equity Deal of the Year award, reflecting the significance of its early financing and expansion strategy. Avolon's early development included a 2013 joint venture with Wells Fargo, Avolon Capital Partners, which began delivering aircraft to airlines later that year. The company also used asset-backed securitization to fund aircraft purchases and refinancing, including a 2013 transaction involving approximately $636 million of fixed-rate notes supporting a portfolio of 20 aircraft. In December 2014, Avolon completed an initial public offering on the New York Stock Exchange under the symbol AVOL. It was described as the largest listing by an Irish-founded company on the NYSE at that time. In 2015, Bohai Leasing, a Chinese leasing and financial-services company affiliated with HNA Group, agreed to acquire all of Avolon's common shares. The transaction closed in January 2016, and Avolon was removed from the NYSE. The acquisition gave Avolon access to a larger financial group and was followed by further expansion, including the acquisition of Hong Kong Aviation Capital and a 2017 purchase of CIT Group's aircraft-leasing business. The CIT transaction made Avolon one of the world's largest aircraft lessors, with a combined fleet reported at the time at approximately 850 aircraft and a value exceeding $43 billion. The company has been an active customer of Airbus, Boeing and engine manufacturers. It delivered the first Boeing 737 MAX 8 to Malindo Air in 2017 and delivered the first Airbus A330neo to TAP Air Portugal in 2018. Avolon also placed large orders for Airbus A320neo-family aircraft and CFM LEAP-1A engines. These commitments support its core strategy of owning a modern, fuel-efficient fleet that can be leased to airlines seeking lower operating costs and additional capacity. Avolon has also pursued diversification. In 2021 it ordered 500 VX4 electric vertical-takeoff-and-landing aircraft from Vertical Aerospace, at the time described as the largest eVTOL order globally. It subsequently worked with prospective airline and mobility partners in several markets to explore future eVTOL ride-sharing services. The company also announced a partnership with Israel Aerospace Industries to develop aircraft cargo-conversion capabilities. Leadership changed in 2022 when founding chief executive Dómhnal Slattery retired. Andy Cronin, a founding member and former chief financial officer, succeeded him as chief executive. Avolon remains a major lessor of narrow-body and wide-body aircraft, with an owned, managed and committed fleet reported at 897 aircraft as of September 30, 2023. Its role in the aviation industry is that of a global asset owner and financing intermediary linking aircraft manufacturers, airlines, banks and capital-market investors.

Avolon was founded in May 2010 by Dómhnal Slattery and a team of aviation-finance executives from RBS Aviation Capital. The founders established the company as an aircraft ownership and leasing platform at a time when airlines were increasingly relying on leasing to obtain fleet capacity, preserve liquidity and manage residual-value risk. Avolon's initial strategy combined direct aircraft purchases, manufacturer relationships and access to institutional and capital-markets funding. The company expanded quickly. In 2011 it received Airfinance Journal's Equity Deal of the Year award. In January 2013 it announced a joint venture with Wells Fargo, later named Avolon Capital Partners. Regulatory approval was obtained in July, and the venture delivered its first aircraft, a Boeing 737-800 Next Generation leased to Ryanair, in August. During the same period Avolon supported changes to Irish aviation-finance legislation associated with the Cape Town Convention's Alternative A insolvency regime, which strengthened creditor protections for aircraft financiers. Avolon also developed securitization as a source of fleet funding. In 2013 its Emerald Aviation Finance subsidiary issued approximately $636 million in fixed-rate asset-backed notes. The proceeds supported the acquisition and refinancing of 20 aircraft, and the transaction was completed within a compressed timetable. The company complemented its financing activity with industry research, publishing analyses of aircraft economic lives, retirement patterns, the transition from Airbus A320ceo and Boeing 737NG aircraft to the A320neo and 737 MAX families, and the financing requirements associated with future aircraft deliveries. In December 2014, Avolon completed an initial public offering on the New York Stock Exchange under the symbol AVOL. The listing was regarded as a landmark for an Irish-founded company. Its status as a public company was short-lived: in September 2015 Bohai Leasing announced a cash offer for the company, and the acquisition was completed in January 2016. Avolon was subsequently delisted. The transaction also brought Avolon into control of Hong Kong Aviation Capital, another aircraft-leasing business associated with Bohai. Growth continued through portfolio purchases. In July 2016 Avolon announced the acquisition of a 45-aircraft portfolio. In April 2017 it completed the acquisition of CIT Group's aircraft-leasing business. The combination was reported to have produced a fleet of approximately 850 aircraft valued at more than $43 billion, placing Avolon among the industry's largest companies. Avolon then expanded its new-technology aircraft position, delivering the first Boeing 737 MAX 8 to Malindo Air in May 2017 and agreeing to purchase additional MAX aircraft from Boeing the following month. Avolon opened a new global headquarters at Number One Ballsbridge in Dublin in 2018. That year it delivered the first Airbus A330neo to TAP Air Portugal and announced a purchase agreement for 100 Airbus A320neo-family aircraft. In 2019 it raised $2.5 billion in unsecured debt and obtained investment-grade ratings from Fitch, Moody's and S&P Global. It also agreed to purchase 140 CFM LEAP-1A engines for 70 A320neo-family aircraft in its order book. The company broadened its strategic scope in 2021. It ordered 500 Vertical Aerospace VX4 eVTOL aircraft and invested in Vertical Aerospace. Avolon subsequently described arrangements involving GOL, Japan Airlines, Gozen Holding, AirAsia and Air Greenland to explore future eVTOL ride-sharing models. In October 2021 it also announced a partnership with Israel Aerospace Industries relating to aircraft cargo conversions, giving the lessor an additional route into air-freight assets. In November 2018 ORIX Corporation acquired a 30% interest in Avolon from Bohai Capital. In October 2022 founding CEO Dómhnal Slattery retired and Andy Cronin, who had been a founding executive and the company's first CFO, became chief executive. Avolon continued operating as a global lessor. Its owned, managed and committed fleet was reported at 897 aircraft at September 30, 2023. In May 2025 it delivered the first of eight Airbus A320neo aircraft to Royal Jordanian Airlines, illustrating the continuing role of new-generation narrow-body aircraft in its business.

1. 2022Andy Cronin becomes CEO

   Andy Cronin succeeds founding CEO Dómhnal Slattery.

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2. 2021Large eVTOL commitment

   Avolon orders 500 Vertical Aerospace VX4 aircraft.

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3. 2018ORIX takes a 30% stake

   ORIX acquires a minority interest in Avolon from Bohai Capital.

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4. 2017CIT aircraft-leasing business acquired

   The acquisition creates one of the world's largest aircraft lessors.

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5. 2016Bohai Leasing acquisition closes

   Avolon becomes privately held after its acquisition and delisting from the NYSE.

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6. 2014NYSE listing

   Avolon completes its initial public offering under the ticker AVOL.

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7. 2013Wells Fargo joint venture begins aircraft deliveries

   Avolon Capital Partners receives approval and delivers its first aircraft, a Boeing 737-800NG leased to Ryanair.

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8. 2010Avolon is founded

   Dómhnal Slattery and a team from RBS Aviation Capital establish Avolon in May.

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A global, scale-focused aircraft lessor and aviation-finance platform serving airlines, manufacturers and institutional capital providers. Avolon emphasizes fleet modernization, flexible airline financing, global distribution and exposure to emerging aircraft technologies.

• Commercial aircraft operating leasesAircraft leasing2010

  Avolon acquires and owns narrow-body and wide-body commercial aircraft and leases them to airlines. The offering gives carriers access to new or used aircraft without requiring an outright purchase, while allowing Avolon to manage deployment, remarketing and residual-value exposure across global airline markets.

• Aircraft portfolio and structured financeAviation finance2013

  The company finances aircraft through portfolio acquisitions, unsecured borrowing, joint ventures and asset-backed securitizations. These structures connect aircraft assets with banks and institutional investors and support the acquisition, refinancing and management of leased fleets.

• Airbus A320neo-family aircraftNarrow-body aircraft leasing2018

  Avolon has made substantial commitments to the A320neo family, a core new-generation narrow-body platform used by airlines for lower-cost short- and medium-haul operations. The aircraft are placed with carriers globally as part of Avolon's fleet-modernization strategy.

• Boeing 737 MAX aircraftNarrow-body aircraft leasing2017

  Avolon was the lessor associated with the first Boeing 737 MAX 8 delivery, to Malindo Air, in 2017. The company has used the MAX family to provide airlines with new-generation narrow-body capacity and fuel-efficiency benefits.

• Vertical Aerospace VX4eVTOL aircraft2021

  Avolon ordered 500 VX4 electric vertical-takeoff-and-landing aircraft from Vertical Aerospace and explored airline and mobility partnerships for future ride-sharing operations. The program represents a strategic option in emerging urban and regional air mobility rather than a mature current leasing line.

• 2019Project I: Positioning Ireland at the Forefront of Global Startup Innovation

  Ireland

  Avolon released a white paper assessing Ireland's startup ecosystem and proposing measures to improve its international competitiveness.

  Outcome. The initiative extended Avolon's public-policy and thought-leadership activity beyond aircraft leasing.

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• 2018India, a 21st Century Powerhouse

  India

  Avolon issued an analysis of India's passenger-growth outlook, airline fleets and aircraft demand.

  Outcome. The publication supported Avolon's commercial focus on high-growth aviation markets.

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• 2017The Land of Silk and Money

  China

  Avolon published a white-paper series examining China's domestic, inbound and outbound aviation markets and future fleet requirements.

  Outcome. The series positioned Avolon as an aviation-market research and thought-leadership participant.

  Source
• 2013Pioneers and Aviators: A Century of Irish Aviation

  Ireland

  Avolon commissioned a documentary about the development of Irish aviation, covering pioneering flights, Aer Lingus, Irish airports, Tony Ryan, Guinness Peat Aviation and Ryanair. It premiered in Dublin in January 2014 and was later broadcast by RTÉ.

  Outcome. The project was followed by a photographic book released in 2015 and reinforced Avolon's association with Ireland's aviation heritage.

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• 2021Commitment to Vertical Aerospace VX4 aircraftProduct launch

  Avolon evaluated emerging electric aircraft as a potential future aviation-asset category.

  What changed. It ordered 500 VX4 eVTOL aircraft and invested in Vertical Aerospace.

  Aftermath. Avolon worked with prospective airline and mobility partners to explore future eVTOL services; the aircraft remained a development program.

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• 2017Acquisition of CIT aircraft leasingM&A

  Avolon pursued scale and fleet diversification in a consolidating aircraft-leasing sector.

  What changed. Avolon completed its acquisition of CIT Group's aircraft-leasing business.

  Aftermath. The combined company became the world's third-largest aircraft lessor at the time, with about 850 aircraft valued above $43 billion.

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• 2015Sale to Bohai LeasingM&A

  Bohai Leasing sought complete ownership of Avolon as part of its aviation and financial-services expansion.

  What changed. Bohai offered $31 per Avolon share and completed the acquisition in January 2016.

  Aftermath. Avolon became privately held and was delisted from the NYSE.

  Cash offer per common share. $31 (2015 offer announcement)

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• 2014Public-market listingStrategy

  Avolon sought public equity-market access to support its growth as a global aircraft lessor.

  What changed. The company completed an IPO on the New York Stock Exchange under AVOL.

  Aftermath. The listing ended when Bohai Leasing acquired Avolon in 2016.

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• 2022Andy Cronin succeeds Dómhnal Slattery as chief executive

  Founding chief executive Dómhnal Slattery retired, and founding CFO Andy Cronin became CEO.

  Leadership change
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• 2021Avolon places major Vertical Aerospace VX4 order

  Avolon committed to acquire 500 electric vertical-takeoff-and-landing aircraft from Vertical Aerospace.

  Product launch
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• 2017Avolon completes CIT aircraft-leasing acquisition

  The purchase of CIT Group's aircraft-leasing business substantially increased Avolon's scale and created one of the world's largest lessors.

  M&A
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• 2015Bohai Leasing agrees to acquire Avolon

  Bohai Leasing made a cash offer of $31 per share for all Avolon common shares; the acquisition closed in January 2016.

  M&A
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• 2014Avolon completes New York Stock Exchange initial public offering

  Avolon became publicly traded on the NYSE under the ticker AVOL in a major listing by an Irish-founded company.

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1. Avolon