Irish aviation finance company Stellwagen has confirmed a buyout of its majority shareholder and founder Douglas Brennan.
Financial details of the transaction have not been disclosed.
A consortium of new and existing shareholders comprised of ECN Capital, SPF Investment Management, Almada and Medallist Partners, led the buyout.
Founded by Mr Brennan in 2013, Stellwagen (formerly Aviation Finance Corporation) is focused on providing finance aircraft, shipping and defence infrastructure. It manages a portfolio of $5 billion worth of aircraft.
Mr Brennan was replaced as chief executive of the group in July 2018 by David Butler, transitioning to the role of executive chairman instead.
Ryanair's former chief financial officer Howard Miller joined Stellwagen as chief operating officer and as chief executive of one of its divisions, Stellwagen Capital, in 2016 but left along with two other executives a year later in a move that led to a High Court action.
The group closed a $45 million corporate secured debt facility late last year with proceeds to be used to support future growth.
“The belief and confidence of the new shareholder group is testament to the platforms that have been built by the management team over the past number of years,” said Mr Butler.
“With the support and backing of institutional capital, we now have the capability to grow our businesses significantly into the future on the strength of our unique blend of aviation management, capital market expertise and technology, which as a group is a compelling offering,” he added.
