AELF FlightService has led the acquisition of the controlling interest in Malta-based Maleth Aero, by a group that includes its shareholder and key European partners. The move will integrate the two companies' operations to better serve the global charter market.
AELF FlightService began working on developing ACMI capabilities in 2019 and put an A330-200 into charter service with Maleth last year. The company is now actively expanding its fleet and product offering with a full spectrum of services including single charter flights and mid-term ACMI/wet and damp leases, while still offering more traditional liquidity solutions such as long-term operating leases, sale and leasebacks, sale and wet leasebacks, among other services.
"Our integration with Maleth Aero allows us to directly serve not only our ACMI/charter customers but also our dry lease airline customers with a unique and versatile product offering," said Joe Cirillo, Chief Operating Officer of AELF FlightService. "Since the acquisition, our focus has been on sourcing aircraft in line with our measured growth plan, which looks to add additional Airbus A330 aircraft to the certificate."
"AELF FlightService brings significant financial resources and competencies that are extremely complementary with Maleth Aero," said Michael O'Brien, who founded the airline in 2011. "We have talented teams on both sides and believe our combined services will provide the industry value as we re-engage travel. Maleth already offers global capability, but together we have stronger commercial coverage in Europe, the America's and Central Asia."
"We are pleased to welcome the new owners of Maleth Aero to Malta," said Charles Pace, Director General for Civil Aviation, Transport Malta CAD. "AELF FlightService has a strong team and business model that I know will benefit the aviation community in Malta and beyond."
The AELF FlightService aircraft currently transport auxiliary cargo but remain convertible to passenger configuration as the demand for air travel returns. "We are available for widebody operations in auxiliary cargo- for PPE and cargo for sensitive supply chains- or passenger configuration, and this will remain our model, offering maximum flexibility in these changing times," said Lee Jones, Commercial Director for AELF FlightService. "Based on initial response, this model is very positively received and is timed well for where we are in the market."
The multi-faceted organization also aims to better serve what the company calls its "wet-to-dry" leasing product designed to help airlines generate cash and reduce overhead, while maintaining their route structure and service offerings. "We are ideally suited to help airlines reestablish post-Covid market presence or pioneer new routes, without incurring the expense of deferred maintenance needed to bring stored aircraft back online or the commitment of long-term dry leases, recalling of pilots and crew, or other fixed costs," said Cirillo. "As demand firms and airlines regain confidence, we can seamlessly transition our ACMI lease structures into lower cost, longer-term dry lease structures."
AELF FlightService aircraft are owned outright through Aircraft Engine Lease Finance, Inc. ("AELF"), a commonly owned affiliate. AELF currently has four A330-200's in auxiliary freight configuration dedicated to Maleth's Aircraft Operating Certificate and is currently expanding the fleet.
AELF FlightService is a privately held commercial aircraft leasing company with a fleet of passenger and auxiliary freight aircraft, which provides ACMI/Charter solutions in conjunction with Malta-based Maleth Aero AOC Limited. The company has offices in Chicago, Miami, and Dublin. Learn more at http://www.AELF-FlightService.com.