Aquila Air Capital Upsizes Credit Facility to $400 Million

Debt Financing to Fuel Growth of Lessor’s Engine Leasing Business  

DUBLIN – Aquila Air Capital (“Aquila”), a leading lessor based in Ireland and backed by funds managed by global alternative asset manager Wafra Inc., announced today the closing of a $400 million refinancing and upsizing of its Warehouse Facility with ATLAS SP Partners (“ATLAS”), the warehouse finance and securitized products business majority owned by Apollo funds.   

With this expanded facility, Aquila is well positioned to grow its already robust and diversified engine portfolio and pursue new opportunities across the market, including commercial aircraft powered by Aquila’s target engine types. ATLAS is serving as structuring agent and lead lender.

“We are honored to materially upsize our current loan facility to accelerate our growth trajectory with our trusted partners at ATLAS,” commented Gary Lew, Aquila Air Capital’s Chief Financial Officer. “The additional capacity, flexible structure, and competitive pricing highlight our lender’s confidence in our current portfolio and the future of our platform.”

Aquila has more than 130 assets and 25 lease customers across the world, with its portfolio consisting of widebody and narrowbody commercial aircraft and engines. The lessor maintains a high-quality customer base with strong credits. Focusing on in-demand asset types, Aquila will continue to capitalize on near-term leasing, trading, and remarketing opportunities. 

ATLAS SP Partners     
ATLAS is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset-backed solutions. ATLAS is proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit www.atlas-sp.com.

Aquila Air Capital Turns 5 Years Old 

FORT WORTH, Texas – Aquila Air Capital (“Aquila”) celebrated the company’s 5th Annniversary on April 19, 2026, reaching an important milestone in its commercial journey as a leading player in the engine leasing space. 

Since 2021, the Aquila team has been assisting aircraft operators worldwide to address their engine requirements, leveraging our platform’s extensive leasing expertise.

“The last five years have been an amazing start for Aquila; I can’t wait to see what the next five has to offer.  Thanks to all our customers, investors, and employees; it’s going to be a great time!,” commented Al Wood, Chief Executive Officer.

Aquila Air Capital Advances Commercial Strategy with Senior Origination Appointment 

Matthew Schneider Appointed to Drive Customer Engagement and Portfolio Growth Across the Americas 

FORT WORTH, Texas – March 9, 2026 – Aquila Air Capital (“Aquila”), a leading lessor based in Fort Worth, Texas, and Dublin, Ireland, and backed by funds managed by global alternative asset manager Wafra, announced the appointment of Matthew Schneider to the role of Vice President, Origination for the Americas.

Schneider will be responsible for supporting the lessor’s origination activities and customer-focused strategy in the Americas in collaboration with the Commercial and Origination teams. 

“Matthew brings nearly three decades of experience in aviation finance and leasing, spanning deal origination, account development, and portfolio management,” commented Chance Fowler, Chief Commercial Officer. “We look forward to Matthew deploying his innovative transaction structuring expertise to continue positioning Aquila as a leading engine lessor that is committed to strengthening our customers’ operations.” 

Schneider joins the Aquila team from GA Telesis, where he oversaw global business development, trading, and remarketing activities as Vice President of Leasing and Trading. Prior to GA Telesis, he served as Senior Advisor at Plane View Partners, advising on commercial aircraft and engine aftermarket leasing and trading strategies. Previously, he held several executive leadership roles at various aircraft and engine leasing firms. 

Commenting on his appointment, Schneider, said: “I am proud to join the Aquila team and look forward to expanding our presence across the Americas through disciplined origination and enduring partnerships with airlines, lessors, and trading counterparties.”

Aquila Air Capital Opens New Headquarters in Dublin, Ireland

World-class Modern Facility to Support Lessor’s Rapidly Growing Business

DUBLIN – December 2, 2025 – Aquila Air Capital (“Aquila”), a leading lessor based in Ireland and backed by funds managed by global alternative asset manager Wafra, announced today the opening of a new facility in the city of Dublin, which will serve as the company’s headquarters.

The new facility is based in Hume Street House located just off St. Stephen’s Green in the heart of Dublin’s vibrant city center. Designed with modern workspace in mind and featuring the latest in technology and a flexible footprint, the centrally positioned facility will allow Aquila to adapt the office space to the team’s changing needs. This office will enable employees to collaborate with each other, while providing a space to host meetings with their partners and customers.

“Dublin is the epicenter of our industry, we look forward to providing a centralized location where our team members can work together, learn from each other, and interact in a manner that helps us develop innovative customer solutions,” said Al Wood, Chief Executive Officer. “We look forward to having engaging conversations with our partners and customers there daily, as this new office focuses on supporting our continued growth and reinforces Aquila’s commitment to our global customer base.”   

Aquila Air Capital Appoints Cornelius Poon to Commercial Team for Asia Pacific Region 

New Role to Support Lessor’s Expansion in Key Market

FORT WORTH, Texas – October 21, 2025 – Aquila Air Capital (“Aquila”), a leading engine lessor backed by funds managed by New York-based global alternative asset manager Wafra, announced the addition of Cornelius Poon to its commercial team for the Asia Pacific region. 

Reporting to Chance Fowler, Chief Commercial Officer, Poon will serve in the role of Vice President Commercial, Asia Pacific, focusing on the initiation and execution of leasing and trading transactions for a wide range of aircraft and engine types.

“We are delighted to welcome Cornelius to our commercial team at an exciting time in our growth journey, with ambitious goals set for expansion in the key Asia Pacific market,” said Fowler. “We look forward to tapping into Cornelius’ valuable experience and expertise stemming from years of leading sales and trading activity with Asian clients to support our platform’s growth in the area.” 

With over a decade and a half of experience as a sales and marketing executive, as well as a former aircraft engineer, Poon has a deep background in managing marketing, business development, and customer support operations in support of airlines and lessors based in various markets across Asia Pacific. 

Poon joins Aquila from the MTU Maintenance (“MTU”) networks of companies, where he served in various managerial roles, supporting the engine leasing, trading, and asset management activities of one of the largest providers of independent commercial engine services worldwide. His most recent positions included Senior Manager, Accessory Program, of MTU Maintenance Canada and Director of MTU Maintenance Singapore. Prior to MTU, he worked as technical aircraft engineer at GE Aviation and HAECO. 

Commenting on his appointment, Poon, said: “I am excited to become part of the Aquila team and look forward to contributing to the business’ growth in the Asia Pacific region, as well as supporting our customers’ operations with Aquila’s comprehensive set of services.”

Poon holds an M.B.A. degree from Beedie School of Business at Simon Fraser University and a Master of Engineering in Aerospace degree from the University of Southampton. 

Aquila Air Capital Establishes Office in Fort Worth

Lessor’s New Office Elevates Aviation Finance Footprint in Texas

NEW YORK – October 15, 2025 – Aquila Air Capital (“Aquila”), a leading engine lessor based in Ireland and backed by funds managed by New York-based global alternative asset manager Wafra, announced against the backdrop of the Airline Economics Growth Frontiers Americas conference the creation of a new U.S. office in Fort Worth, Texas, recently designated as the “Aviation and Defense Capital of Texas.” 

Based in The Crescent Offices, a dynamic new development in Fort Worth’s Cultural District, the new office will enable Aquila to grow its operations as part of the city’s vibrant and innovative business hub, while playing an integral part in strengthening the region’s aviation sector.

“Fort Worth’s rising profile as a leading hub for the global aviation and aerospace industry is the principal reason we chose to locate our U.S. office in this area, where we can continue our growth as a leading full-service engine leasing platform,” says Al Wood, Aquila Air Capital’s Chief Executive Officer. 

The Dallas-Fort Worth (“DFW”) metroplex is home to major aviation investors, lessors, operators, as well as engineering and MRO companies in the aerospace industry, including Lockheed Martin, American Airlines, Southwest Airlines, Embraer, Gulfstream Aerospace and MTU Aero Engines. Fort Worth’s transformation into a major business destination has fueled the growth of the region’s aviation cluster, expanding the state’s footprint in the industry.

“With Aquila joining other leading aviation-focused businesses, Fort Worth is the right place to accelerate our platform’s expansion and continue successfully serving our global customer base,” adds Gary Lew, Aquila Air Capital’s Chief Financial Officer. 

Aquila Air Capital Promotes Chance Fowler to Chief Commercial Officer 

NEW YORK – September 9, 2025 – Aquila Air Capital (“Aquila”), a leading engine lessor backed by funds managed by New York-based global alternative asset manager Wafra, announced the promotion of Chance Fowler to the leadership role of Chief Commercial Officer. 

Fowler has been with Aquila since July 2022. He joined the company as Vice President, Portfolio Management, with responsibility for optimizing the performance of the lessor’s growing portfolio of aircraft and engine assets. He has also been responsible for originating new investment and leasing opportunities while expanding Aquila’s relationships with current customers and partners.

“Chance has been instrumental in expanding our commercial footprint, building out our portfolio and delivering unparalleled value to our customers,” commented Al Wood, Aquila Air Capital’s Chief Executive Officer. “With his deep understanding of the engine leasing market’s complex dynamics and his experience in building and nurturing Aquila’s industry relationships, he is perfectly positioned to lead our ongoing commercial initiatives and drive our platform’s sustained growth in the years to come.” 

Commenting on his promotion, Fowler said: “It has been a privilege to be part of the growth of Aquila, and I am honored to take on the responsibility of Chief Commercial Officer. I look forward to leading the Aquila team to deliver attractive solutions to our valued customers and position our company for long-term success.”

Prior to joining Aquila, Fowler served as Vice President of Aircraft Marketing at Vx Capital Partners. Before that, he was a financial analyst at Dallas-based Trinity Industries. 

Wafra’s Acquisition of Aquila Air Capital Awarded Aviation Finance Deal of the Year 2025

DUBLIN – June 2025 – Aquila Air Capital’s acquisition by global alternative asset manager Wafra was recognized by Finance Dublin with an Aviation Finance Deal of the Year award. 

The publication noted that the financing of the deal marked Wafra’s move into the aviation finance space, backed by warehouse financing provided by Apollo’s ATLAS SP Partners.

“We are pleased to be recognized by Finance Dublin for our platform’s acquisition by Wafra,” commented Al Wood, Chief Executive Officer of Aquila Air Capital. “This investment is a significant endorsement of our team’s hard work and the value our platform brings to the market. Our team is thrilled about the future growth prospects the partnership with Wafra will provide, enabling us to accelerate our expansion, introduce new offerings, and broaden our global customer base.”

Read the Finance Dublin article  

Aquila Air Capital Names Gary Lew Chief Financial Officer 

NEW YORK – Aquila Air Capital (“Aquila”), a leading engine lessor backed by funds managed by New York-based global alternative asset manager Wafra, announced the appointment of Gary Lew as Chief Financial Officer. 

Bringing over twenty-five years of industry experience focused on investment strategy, capital markets, corporate finance, and asset management to his new role, Lew will lead the establishment of Aquila’s financial organization and oversee all aspects of the company’s corporate development, partnerships, strategic financing initiatives, and capital markets activity.

“With his proven expertise in finance and capital markets, coupled with an extensive industry background, Gary will significantly enhance our leadership team. This positions Aquila to lead confidently through our next chapter as a trusted and strategic provider of thrust for the industry,” says Al Wood, Chief Executive Officer of Aquila Air Capital. 

Lew joins Aquila after founding Capitola Partners, which executed major multi-year engagements with a global lessor, an asset trading and management company, two major U.S.-based family offices, and an Ireland-based corporate services provider. Lew brings decades of experience, perspective, and deep industry relationships solidified at Capitola Partners and Vx Capital Partners as an investor, lessor, asset manager, and strategic advisor. Lew also serves as an Independent Director for two major ABS issuances and was an adjunct lecturer at St. Mary’s College and UC Davis Graduate School of Management. 

“I am excited and energized to join the proven Aquila platform to help Al and a very strong team to drive the next stage of growth. The investment thesis of Aquila, together with the momentum and support of a strategically-aligned capital partner in Wafra, provides a timely opportunity to scale and execute our financial initiatives to support our core investment objectives,” says Gary Lew, Chief Financial Officer of Aquila Air Capital.

Prior to Capitola Partners, Lew was part of the founding team at Vx Capital Partners, sourcing and structuring equity and debt capital to support portfolio transactions, the VXF investment fund, and the CARGO 2018-1 ABS, while leading all finance, treasury, administration and portfolio management functions. Prior to that, he held positions at GATX Capital, Merrill Lynch, and the California Public Employees Retirement System, and appointments in both the Governor’s Office and U.S. Senate. Gary holds a B.A. degree from the University of California Los Angeles and an M.B.A. degree from the University of California Davis.

Aquila’s Bid to Sell Thrust: Cirium

PHOENIX, Arizona – March 2025 – Cirium’s Oliver Clark recently interviewed Al Wood, Chief Executive Officer of Aquila Air Capital, about growing opportunities for lessors to win business by offering airlines a reliable package of engine capacity at a fixed price. Al described Aquila’s new thrust-selling approach as the company seeks to expand in this direction. 

ANALYSIS: Aquila’s bid to sell thrust

Amid today’s unstable supply chains and long turnaround times for engine shop visits, there is a growing opportunity for lessors to win business by offering airlines a reliable package of engine capacity at a fixed price.

One company seeking to expand in this direction is US engine lessor Aquila Air Capital.

Founded in 2021 by Warburg Pincus, chief executive Al Wood, and Kepler Hill Capital, Aquila previously served as what Wood terms a “shock absorber” for airlines, solving short-term engine requirements when something went wrong in their operations.

“That may have been an AOG, that may have been increased turnaround times, it may be a number of things that required them to need incremental engines,” Wood told Cirium in an interview at the ISTAT Americas conference in Phoenix earlier this month.

He says Aquila wanted to take its engine expertise and expand into offering ancillary services at the “highest level”, which meant “moving away from being a financial player and just being a lessor and selling thrust”.

THRUST: THE PROCESS

Wood says the new thrust-selling Aquila approach is aimed at generating “incremental value” for customers.

“So today, we go to a customer and say: ‘We have this engine serial number, and you can lease it today for this rate.’ Tomorrow, we want to go to the customer and say: ‘You need X amount of hours or cycles of thrust for your fleet for the next 10 years. We will provide that,'” says Wood.

“And here’s how we’ll do it. We will take you out of the thrust business, and we will make a commitment to you to provide thrust on a quality, safe basis, at a cost-effective price point, more cost-effectively than you as an airline can do it.”

He says the target market for this offer is small to mid-sized airlines that don’t have economies of scale and don’t have buying power or balance sheet to leverage.

“We put 10 of them together, then they can benefit from the safe size and scale of a larger airline,” he observes.

Aquila will own all the engines and provide airlines with thrust based on pre-determined rates of cycles.

The lessor already has a number of customers that have “removed themselves from the maintenance activity of their engines”, says Wood. When they need an engine, “they call us and we provide an engine”.

He adds: “We are highly focused on their utilisation, their demand signals, so we know when demand is going to occur, so that we can start to line up engines ahead of time and provide them the thrust they need on a long-term basis.” This, he says, can help airlines with long-term cost planning.

NEW OWNERSHIP

One of the drivers of Aquila’s new approach is its new owners Wafra. The New York-based global alternative asset manager completed its acquisition of the lessor from Warburg Pincus in December 2024.

Wood says Warburg Pincus was an “excellent owner” and sponsor to initially found the business, but that three years after its establishment Aquila had two things it was seeking to accomplish.

The first was to lower its cost of capital in order to be more competitive.

“Under Warburg Pincus ownership, the good news was: we had plenty of capital. The bad news is: it was kind of expensive money, so we needed to lower our cost of capital,” notes Wood.

Secondly, given the cyclical nature of the aviation business, Aquila needed a “much more patient capital base or a more long-term investing strategy”. This, Wood explains, would allow it to deploy capital across “multiple cycles of different length, instead of being a very short- or long-term goal”.

Wafra “checks both of those boxes”, he asserts. Equity from the alternative asset manager, combined with a new debt facility from Apollo Global Management-owned Atlas SP, has reduced Aquila’s cost of capital “significantly.”

With its new strategy, Aquila will be able to move its forecasted cash flows from one year five years: “much more desirable to our investor base”, says Wood, “and clearly much more desirable to the growth of the business and how we can forecast what will look like in the coming years”.

WIDE ANGLE

In its former guise, Aquila Air was focused on engines that powered widebodies such as the Boeing 767, 757, 777 and Airbus A330. Hence, the Pratt & Whitney PW2000, PW4000 and GE Aerospace 90s were “key products”, Wood says.

The business will remain focused on the widebody space, but Wood says Aquila will also be an “opportunistic investor” in the narrowbody market.

“We see from a customer demand [point of view], much more interest in our products and service around the widebody sector than we see around the narrowbody. It looks as though there’s ample people providing this product or service to the narrowbody market. It’s really on the widebody side where they don’t have the support network they need.”

Wood says the lessor is seeking to expand into newer or mid-life technology engines, such as the International Aero Engines V2500 and CFM International CFM56-5B and -7B.

Here, Aquila can avail of a “more competitive cost base than we would have been able to do under our previous ownership”, Wood believes.

The lessor is in the process of renegotiating agreements with maintenance providers in order to “shore up our availability and access to capacity from an engine MRO perspective”, says Wood.

He describes the sourcing of assets as the “lifeblood, or oxygen” of the business. Values have of course risen amid the current shortfalls in new-technology production, but Wood says Aquila has in “most” cases been able to pass on higher asset prices in the form of increased lease rates.

GROWING THE FOOTPRINT

Most of Aquila’s operations and customer relationships are in the EMEA region, notes Wood, and the majority of its staff is in Ireland. However, the lessor has active campaigns to expand its business reach, firstly into the Americas, and then into Asia, and is staffing up accordingly.

“We do business in both of those regions today, but we don’t have the footprint that we believe we need to serve those markets adequately,” says Wood. “That’s why we’re making the investment in the Americas and in Asia sales and marketing organisations.”

Read the story on Cirium’s website

(Courtesy of Cirium)