Crestone Air Partners formed Blue Crest Aviation Partners, a new joint venture anchored by funds managed by Blue Owl Capital. The platform will seek to acquire mid-life commercial jet aircraft on lease to airlines globally, through a disciplined, income-oriented strategy.
“Blue Crest Aviation Partners represents the next step of scaling for our platform,” Kevin Milligan, CEO of Crestone Air Partners, said. “We’re proud to continue building with Blue Owl’s funds and deepen our alignment through a dedicated vehicle targeting opportunities in the mid-life aviation market.”
“This joint venture builds on years of successful partnership between Blue Owl’s Alternative Credit funds and Crestone,” Ivan Zinn, head of alternative credit at Blue Owl, said. “We’re excited to continue supporting the platform with a further investment of strategic capital.”
KPMG served as tax advisor on the transaction. Legal counsel was provided by Pillsbury Winthrop Shaw Pittman. Phoenix American Financial Services will act as the third-party administrator.
