Building on the success of its global platform, in 2018 SkyWorks Holdings, LLC (“SkyWorks”) significantly expanded its investment and asset management businesses while simultaneously increasing its commitment to the advisory business. SkyWorks has established a dedicated aircraft servicing platform, SkyWorks Leasing (Ireland) Limited, in its Dublin Ireland offices.
In addition, SkyWorks created a new equity vehicle, Sierra Echo Aircraft Leasing Limited (“Sierra Echo”), for whom SkyWorks Leasing (Ireland) Limited will act as origination agent, servicer and asset manager. The launch of this aircraft vehicle further reinforces SkyWorks’ commitment to its global aviation clients by expanding the suite of services that SkyWorks now offers.
SkyWorks launched Sierra Echo during 2H 2018, acquiring through four transactions a total of eight Airbus and Boeing commercial jet aircraft on lease to five different operators in North America, Europe and Asia. Sierra Echo’s anchor investor is a large institutional investor aiming to conservatively grow its investment in commercial aviation with the benefit of SkyWorks’ origination, servicing, and analytical capabilities.
To leverage Sierra Echo’s investments, SkyWorks also closed a US$300 million debt facility. The facility was led by Bank of America, N.A. (as Structuring Agent and Joint Lead Arranger), with BNP Paribas and Royal Bank of Canada acting as Joint Lead Arrangers.
SkyWorks’ portfolio of assets under management is now over 60 aircraft, after having sold more than 180 aircraft on behalf of clients in the past five years.
Thomas Mahr, Chairman & Co-Founder of SkyWorks commented:
“Over the last sixteen plus years SkyWorks has established itself as a leading strategic and financial advisor, and asset manager to global aviation clients. With the launch of our first aircraft equity fund we are very excited to leverage our in-depth industry knowledge to enhance our service offering and create long-term risk-adjusted value for investors.”
Matthew Landess, Managing Director and Chief Commercial Officer at SkyWorks commented:
“We have worked on behalf of some of the top airlines and leasing companies around the world, and concluded that we could better serve our clients globally by developing a significant presence in Ireland. At the same time, having a fully functional Irish presence dovetails nicely with the creation of our Sierra Echo equity vehicle to grow SkyWorks’ assets under management. The addition of this investment capability will serve to strengthen SkyWorks’ commercial insights which are already highly valued by our airline, lessor, lender and investor clients worldwide.”
Anders Hebrand, Managing Director and Head of Asset Management at SkyWorks commented:
“We are delighted by the quality of the staff we’ve hired in Dublin that will support Sierra Echo and our aircraft servicing efforts for our diverse investor base. SkyWorks’ managed portfolio is expected to grow considerably over the next several years in a thoughtful and conservative manner, which is the hallmark of SkyWorks’ management.”