Aircastle Acquisition, Valuation, Funding & Investors

Aircastle was acquired by Mizuho Leasing and Marubeni for $2.4B in March 2020, a 3.1x multiple on $771M of revenue.

Aircastle acquisition price

$2.4B

Acquired by Mizuho Leasing, Marubeni · Mar 2020

Aircastle revenue at acquisition

$771M

Last twelve months · Mar 2020

Aircastle revenue multiple at acquisition

3.1x

EV/Revenue · Mar 2020

Aircastle EBITDA multiple at acquisition

3.1x

EV/EBITDA · Mar 2020

Aircastle Overview

About Aircastle

Aircastle is a Bermuda-headquartered global aircraft leasing company that owns, leases, and sells commercial jet aircraft to airlines worldwide. Its portfolio features fuel-efficient models like Boeing 737s, Airbus A320s, and widebodies such as A330s and 777s. Publicly traded on the NYSE, Aircastle manages over 200 aircraft leased to 80 customers across six continents. The company focuses on mid-life, high-utilization jets from offices in Norwalk, Connecticut, and Singapore.


Founded

2005

HQ

United StatesStamford, CT

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$771M (Mar 2020)

Valuation

$2.4B (acquired Mar 2020)

Aircastle Acquisition

Aircastle was acquired by Mizuho Leasing and Marubeni for $2.4B on 20 March 2020.

The acquisition price implies a 3.1x revenue and 3.1x EBITDA multiple on $771M of revenue.

Before the acquisition Aircastle had raised $500M across 2 funding rounds.

Marubeni Corporation and Mizuho Leasing Company, Limited completed a joint acquisition of Aircastle Limited, a Connecticut-based aircraft leasing company founded in 2004. Under the terms of the merger agreement announced on November 6, 2019, all shareholders excluding Marubeni received $32.00 in cash per common share, with the acquisition completed on March 27, 2020, following regulatory approvals. The transaction valued the equity at approximately $2.4 billion USD, with total firm value including assumed debt obligations at approximately $7.4 billion USD. Marubeni had been a significant shareholder of Aircastle since 2013 and became the largest shareholder before this 2020 transaction. Following the completion, Marubeni held 50% direct ownership with Mizuho Leasing holding the remaining 50%. The deal reflected strategic interest in aircraft leasing as a core business within Marubeni's Finance and Leasing Business Division, with management stating the transaction would deliver significant value and support continued business growth as air transportation demand was expected to remain essential for global economic growth. By 2023, Marubeni and Mizuho Leasing committed an additional $500 million USD in equity support to Aircastle for aircraft acquisition and general corporate purposes.

Aircastle acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
20 Mar 2020Strategic M&A$2.4B3.1x3.1x

Aircastle Funding History

Aircastle has raised a total of $500M across 2 funding rounds.

Aircastle's first fundraising round was a $200M undisclosed-stage round in July 2023. The most recent completed round was a $300M undisclosed-stage round in July 2024.

Aircastle funding rounds

Aircastle funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2024Undisclosed stageMarubeni (lead); Mizuho Leasing (lead)$300MAircastle Limited acquires, leases, and sells commercial jet aircraft to airlines worldwide, with a fleet of 252 aircraft leased to 75 customers across 43 countries as of February 2024. Marubeni Corporation and Mizuho Leasing Company jointly funded $500 million in equity capital to Aircastle, with the second tranche of $300 million completed in July 2024, following a first tranche of $200 million in July 2023. This investment was based on a definitive subscription agreement executed in July 2023 and reflects the shareholders' confidence in Aircastle's long-term investment horizon and business model. The partnership enhances Aircastle's investment-grade rating and expands its access to credit markets. Marubeni has been Aircastle's largest shareholder since its initial investment in 2013 and jointly acquired the company with Mizuho Leasing in 2020, providing continuous management support and strategic guidance. The aircraft leasing industry is experiencing growth due to recovering global air travel demand, which is projected to grow at an average annual rate of 4% through 2043 according to IATA projections.
Jul 2023Undisclosed stageMarubeni (lead); Mizuho Leasing (lead)$200MAircastle Limited is an aircraft leasing company headquartered in Connecticut, U.S., established in 2004, with Michael J. Inglese as CEO. Marubeni Corporation (75% shareholder) and Mizuho Leasing Company, Limited (25%) have provided ongoing support since Marubeni's initial investment in 2013 and their joint acquisition in 2020, including management dispatch, revolving credit facilities, and equity injections. In July 2023, they executed a definitive agreement to subscribe to additional common shares worth $500 million USD total, with the first tranche of $200 million funded in July 2023 (Marubeni $150M, Mizuho $50M) and the second tranche of $300 million in July 2024, for general corporate purposes including aircraft acquisitions to support business growth amid recovering air passenger demand. Aircastle's paid-in capital was $1.479 billion USD as of February 2023, increasing to $1.679 billion USD by February 2024, reflecting the equity infusions. The funds aim to strengthen Aircastle's operating base as a core business in Marubeni's finance and leasing operations and Mizuho Leasing's aviation operations. For FY2023 (period ending around February 2023, near the round announcement), Aircastle reported revenue of $855 million USD, up 59 million from $796 million in FY2022, with net income of $83 million (up from $63 million) and reduced impairment charges. Q4 FY2023 revenue was $43 million USD. Mizuho Leasing noted improved performance at Aircastle despite amortization impacts from aircraft sales. Q1 2024 showed strong lease revenue growth per aviation reports, with shareholder investments signaling confidence in Aircastle's long-term model.

Who has invested in Aircastle?

2 investors have backed Aircastle across its funding rounds, including Marubeni and Mizuho Leasing.

Lead investors include Marubeni and Mizuho Leasing.


Aircastle Investors

Investors in Aircastle by funding rounds participated
InvestorHQRoundsRoleFirst check

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Aircastle Competitors

Aircastle competitors include listed companies like Intuitive Machines and Hunan Aerospace Huanyu, and private ones like ABL Space Systems, Axiom Space, Apex and True Anomaly.

Public and private companies comparable to Aircastle
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ABL Space SystemsUnited StatesLos Angeles, CAPrivate$19M-$2.4B-
Intuitive MachinesUnited StatesUnited StatesPublicly listed$207M($111M)$2.4B5.0x
Hunan Aerospace HuanyuChinaChinaPublicly listed$68M$14M$2.4B-
Axiom SpaceUnited StatesHouston, TXPrivate$70M-$2.5B35.7x
ApexUnited StatesLos Angeles, CAPrivate$18M-$2.3B-
True AnomalyUnited StatesDenver, COPrivate--$2.2B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Intuitive Machines$207M($111M)17.6x5.0x(32.9x)(265.1x)
China Development Bank$3.7B$3.3B13.4x13.2x15.1x-
Hunan Aerospace Huanyu$68M$14M36.3x-182.5x-
Bet Shemesh Engines$314M$68M7.9x-36.8x-
Voyager Technologies$166M($90M)14.4x9.5x(26.8x)(17.3x)
Data Patterns (India)$96M$39M26.2x23.2x64.3x58.2x
Applied Aerospace & Defense$604M$96M4.3x-27.0x-
Fuyo General Lease$5.1B$735M3.5x3.6x24.2x-

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Common questions about Aircastle

When was Aircastle founded?Aircastle was founded in 2005.
Where is Aircastle headquartered?Aircastle is headquartered in Stamford, CT, United States.
Is Aircastle publicly listed?No, Aircastle was acquired by Mizuho Leasing and Marubeni in March 2020.
Who acquired Aircastle?Aircastle was acquired by Mizuho Leasing and Marubeni in March 2020.
How much was Aircastle acquired for?Aircastle was acquired for $2.4B in March 2020, a 3.1x revenue multiple.
How much funding has Aircastle raised?Aircastle has raised $500M across 2 funding rounds.
What was Aircastle's last funding round?Aircastle's last funding round was a $300M undisclosed-stage round in July 2024, led by Marubeni and Mizuho Leasing.
Who are Aircastle's investors?Aircastle's investors include Mizuho Leasing and Marubeni.
Which companies are comparable to Aircastle?Companies comparable to Aircastle include ABL Space Systems, Intuitive Machines, Hunan Aerospace Huanyu, Axiom Space, Apex and True Anomaly.

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