- Sirius Aviation sells strategic stake to Japan’s ITOCHU corporation.
- Sirius Aviation Capital sold a stake to ITOCHU corporation
- Demand for mid life aircraft has soared due to delivery constraints
- Howard Millar co founded Sirius in 2018
- ITOCHU combines its portfolio of over 90 aircraft with Sirius expertise
- Sirius focuses on single aisle mid life aircraft for airlines
Sirius Aviation Capital, the Abu Dhabi based aircraft lessor co founded by former Ryanair chief financial officer Howard Millar, completed the transaction with the Japanese trading firm. The investment took place amid strong demand for mid life aircraft as airlines address a shortage that continues into the next decade. Sirius has built a fleet of single aisle mid life jets and benefits from hardening lease rates in the current market.
Mid life aircraft represent approximately 42pc of the global commercial fleet by unit count. ITOCHU already holds interests in the aircraft sector with a portfolio of more than 90 aircraft and engines. Sirius customers include Spain’s Iberia and investors already feature Abu Dhabi Catalyst Partners.
Mr Millar served as CEO of Sirius until 2024 after leading the business from its founding in 2018. Ed Coughlan serves as chairman and CEO of Sirius Aviation Capital. The company previously acquired used aircraft from lessors including Dublin based SMBC Aviation Capital.
Ed Coughlan shared “The ITOCHU investment will enhance our capabilities and offerings, delivering increased value to our capital partners and airline customers worldwide. Sirius’s DNA lies in mid life aircraft, which offer risk adjusted returns to investors and continue to serve as the backbone and workhorse of commercial air travel.”
ITOCHU shared in a written statement “Global air passenger traffic continues to grow while constrained new aircraft deliveries have sustained strong airline demand for leased capacity, particularly in the mid life segment.”
