Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide Holdings, and Bain Capital Credit have announced that they will form a joint venture to "develop a diversified freighter aircraft leasing portfolio".
The two companies expect the value of their freighter portfolio to reach USD1 billion.
"Under the joint venture, Bain and Titan have committed to provide USD360 million and USD40 million of equity capital, respectively, which may be supplemented with additional commitments over time, to acquire aircraft over the next several years," the companies said in a press release.
Titan Aviation Holdings will also provide aircraft and lease management services.
The companies hope to capitalise on "demand for cargo aircraft, underpinned by robust e-commerce and express market growth".
According to the ch-aviation fleets module, Titan Aviation Holdings currently owns and manages 37 freighters, including one B737-300(F), one B757-200(PF), twenty-three B767-300Fs, and twelve B777-Fs, as well as a single passenger aircraft, a B737-800 dry-leased to Corendon Airlines (XC, Antalya). The company's fleet of freighters is predominantly operated by associated airlines Atlas Air (5Y, New York JFK) and Southern Air (Cincinnati International), although two B777-Fs are also leased to AeroLogic (3S, Leipzig/Halle), two B767-300(F)s to ATI - Air Transport International (8C, Wilmington Air Park), the B737-300(F) to China Postal Airlines (CF, Nanjing), the B757-200(F) to DHL Aero Expreso (D5, Panamá City Tocumen International), and three B777-Fs to FedEx Express (FX, Memphis International).
