Avolon
Avolon is a Dublin-based global aircraft leasing company that finances, owns, manages and places commercial aircraft with airlines.
Last updated August 31, 2026
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Overview
Avolon is an international aircraft leasing and aviation finance company headquartered in Dublin, Ireland, with its registered headquarters in the Cayman Islands. Rather than selling aircraft directly to passengers or operating scheduled flights, Avolon acquires aircraft from manufacturers and other owners and leases them to airlines around the world. Its business covers new and used commercial aircraft, aircraft portfolio management, structured finance, asset-backed financing, engine financing, cargo-conversion initiatives and emerging aviation technologies. The company was established in May 2010 by Dómhnal Slattery and a group of aviation-finance professionals from RBS Aviation Capital. It entered the market during a period when airlines were increasingly using operating leases to obtain fleet capacity without purchasing every aircraft outright. Avolon pursued rapid scale through manufacturer orders, portfolio acquisitions, joint ventures and capital-markets transactions. In 2011 it received Airfinance Journal's Equity Deal of the Year award, reflecting the significance of its early financing and expansion strategy. Avolon's early development included a 2013 joint venture with Wells Fargo, Avolon Capital Partners, which began delivering aircraft to airlines later that year. The company also used asset-backed securitization to fund aircraft purchases and refinancing, including a 2013 transaction involving approximately $636 million of fixed-rate notes supporting a portfolio of 20 aircraft. In December 2014, Avolon completed an initial public offering on the New York Stock Exchange under the symbol AVOL. It was described as the largest listing by an Irish-founded company on the NYSE at that time. In 2015, Bohai Leasing, a Chinese leasing and financial-services company affiliated with HNA Group, agreed to acquire all of Avolon's common shares. The transaction closed in January 2016, and Avolon was removed from the NYSE. The acquisition gave Avolon access to a larger financial group and was followed by further expansion, including the acquisition of Hong Kong Aviation Capital and a 2017 purchase of CIT Group's aircraft-leasing business. The CIT transaction made Avolon one of the world's largest aircraft lessors, with a combined fleet reported at the time at approximately 850 aircraft and a value exceeding $43 billion. The company has been an active customer of Airbus, Boeing and engine manufacturers. It delivered the first Boeing 737 MAX 8 to Malindo Air in 2017 and delivered the first Airbus A330neo to TAP Air Portugal in 2018. Avolon also placed large orders for Airbus A320neo-family aircraft and CFM LEAP-1A engines. These commitments support its core strategy of owning a modern, fuel-efficient fleet that can be leased to airlines seeking lower operating costs and additional capacity. Avolon has also pursued diversification. In 2021 it ordered 500 VX4 electric vertical-takeoff-and-landing aircraft from Vertical Aerospace, at the time described as the largest eVTOL order globally. It subsequently worked with prospective airline and mobility partners in several markets to explore future eVTOL ride-sharing services. The company also announced a partnership with Israel Aerospace Industries to develop aircraft cargo-conversion capabilities. Leadership changed in 2022 when founding chief executive Dómhnal Slattery retired. Andy Cronin, a founding member and former chief financial officer, succeeded him as chief executive. Avolon remains a major lessor of narrow-body and wide-body aircraft, with an owned, managed and committed fleet reported at 897 aircraft as of September 30, 2023. Its role in the aviation industry is that of a global asset owner and financing intermediary linking aircraft manufacturers, airlines, banks and capital-market investors.
History
Avolon was founded in May 2010 by Dómhnal Slattery and a team of aviation-finance executives from RBS Aviation Capital. The founders established the company as an aircraft ownership and leasing platform at a time when airlines were increasingly relying on leasing to obtain fleet capacity, preserve liquidity and manage residual-value risk. Avolon's initial strategy combined direct aircraft purchases, manufacturer relationships and access to institutional and capital-markets funding. The company expanded quickly. In 2011 it received Airfinance Journal's Equity Deal of the Year award. In January 2013 it announced a joint venture with Wells Fargo, later named Avolon Capital Partners. Regulatory approval was obtained in July, and the venture delivered its first aircraft, a Boeing 737-800 Next Generation leased to Ryanair, in August. During the same period Avolon supported changes to Irish aviation-finance legislation associated with the Cape Town Convention's Alternative A insolvency regime, which strengthened creditor protections for aircraft financiers. Avolon also developed securitization as a source of fleet funding. In 2013 its Emerald Aviation Finance subsidiary issued approximately $636 million in fixed-rate asset-backed notes. The proceeds supported the acquisition and refinancing of 20 aircraft, and the transaction was completed within a compressed timetable. The company complemented its financing activity with industry research, publishing analyses of aircraft economic lives, retirement patterns, the transition from Airbus A320ceo and Boeing 737NG aircraft to the A320neo and 737 MAX families, and the financing requirements associated with future aircraft deliveries. In December 2014, Avolon completed an initial public offering on the New York Stock Exchange under the symbol AVOL. The listing was regarded as a landmark for an Irish-founded company. Its status as a public company was short-lived: in September 2015 Bohai Leasing announced a cash offer for the company, and the acquisition was completed in January 2016. Avolon was subsequently delisted. The transaction also brought Avolon into control of Hong Kong Aviation Capital, another aircraft-leasing business associated with Bohai. Growth continued through portfolio purchases. In July 2016 Avolon announced the acquisition of a 45-aircraft portfolio. In April 2017 it completed the acquisition of CIT Group's aircraft-leasing business. The combination was reported to have produced a fleet of approximately 850 aircraft valued at more than $43 billion, placing Avolon among the industry's largest companies. Avolon then expanded its new-technology aircraft position, delivering the first Boeing 737 MAX 8 to Malindo Air in May 2017 and agreeing to purchase additional MAX aircraft from Boeing the following month. Avolon opened a new global headquarters at Number One Ballsbridge in Dublin in 2018. That year it delivered the first Airbus A330neo to TAP Air Portugal and announced a purchase agreement for 100 Airbus A320neo-family aircraft. In 2019 it raised $2.5 billion in unsecured debt and obtained investment-grade ratings from Fitch, Moody's and S&P Global. It also agreed to purchase 140 CFM LEAP-1A engines for 70 A320neo-family aircraft in its order book. The company broadened its strategic scope in 2021. It ordered 500 Vertical Aerospace VX4 eVTOL aircraft and invested in Vertical Aerospace. Avolon subsequently described arrangements involving GOL, Japan Airlines, Gozen Holding, AirAsia and Air Greenland to explore future eVTOL ride-sharing models. In October 2021 it also announced a partnership with Israel Aerospace Industries relating to aircraft cargo conversions, giving the lessor an additional route into air-freight assets. In November 2018 ORIX Corporation acquired a 30% interest in Avolon from Bohai Capital. In October 2022 founding CEO Dómhnal Slattery retired and Andy Cronin, who had been a founding executive and the company's first CFO, became chief executive. Avolon continued operating as a global lessor. Its owned, managed and committed fleet was reported at 897 aircraft at September 30, 2023. In May 2025 it delivered the first of eight Airbus A320neo aircraft to Royal Jordanian Airlines, illustrating the continuing role of new-generation narrow-body aircraft in its business.
- 2022
Andy Cronin becomes CEO
[1]Andy Cronin succeeds founding CEO Dómhnal Slattery.
- 2021
Large eVTOL commitment
[1]Avolon orders 500 Vertical Aerospace VX4 aircraft.
- 2018
ORIX takes a 30% stake
[1]ORIX acquires a minority interest in Avolon from Bohai Capital.
- 2017
CIT aircraft-leasing business acquired
[1]The acquisition creates one of the world's largest aircraft lessors.
- 2016
Bohai Leasing acquisition closes
[1]Avolon becomes privately held after its acquisition and delisting from the NYSE.
- 2014
NYSE listing
[1]Avolon completes its initial public offering under the ticker AVOL.
- 2013
Wells Fargo joint venture begins aircraft deliveries
[1]Avolon Capital Partners receives approval and delivers its first aircraft, a Boeing 737-800NG leased to Ryanair.
- 2010
Avolon is founded
[1]Dómhnal Slattery and a team from RBS Aviation Capital establish Avolon in May.
Products and positioning
A global, scale-focused aircraft lessor and aviation-finance platform serving airlines, manufacturers and institutional capital providers. Avolon emphasizes fleet modernization, flexible airline financing, global distribution and exposure to emerging aircraft technologies.
Aircraft leasing · 2010
Commercial aircraft operating leases
Avolon acquires and owns narrow-body and wide-body commercial aircraft and leases them to airlines. The offering gives carriers access to new or used aircraft without requiring an outright purchase, while allowing Avolon to manage deployment, remarketing and residual-value exposure across global airline markets.
Aviation finance · 2013
Aircraft portfolio and structured finance
The company finances aircraft through portfolio acquisitions, unsecured borrowing, joint ventures and asset-backed securitizations. These structures connect aircraft assets with banks and institutional investors and support the acquisition, refinancing and management of leased fleets.
Narrow-body aircraft leasing · 2018
Airbus A320neo-family aircraft
Avolon has made substantial commitments to the A320neo family, a core new-generation narrow-body platform used by airlines for lower-cost short- and medium-haul operations. The aircraft are placed with carriers globally as part of Avolon's fleet-modernization strategy.
Narrow-body aircraft leasing · 2017
Boeing 737 MAX aircraft
Avolon was the lessor associated with the first Boeing 737 MAX 8 delivery, to Malindo Air, in 2017. The company has used the MAX family to provide airlines with new-generation narrow-body capacity and fuel-efficiency benefits.
eVTOL aircraft · 2021
Vertical Aerospace VX4
Avolon ordered 500 VX4 electric vertical-takeoff-and-landing aircraft from Vertical Aerospace and explored airline and mobility partnerships for future ride-sharing operations. The program represents a strategic option in emerging urban and regional air mobility rather than a mature current leasing line.
Marketing campaigns
- 2019Project I: Positioning Ireland at the Forefront of Global Startup Innovation
Ireland
Avolon released a white paper assessing Ireland's startup ecosystem and proposing measures to improve its international competitiveness.
Outcome. The initiative extended Avolon's public-policy and thought-leadership activity beyond aircraft leasing.
- 2018India, a 21st Century Powerhouse
India
Avolon issued an analysis of India's passenger-growth outlook, airline fleets and aircraft demand.
Outcome. The publication supported Avolon's commercial focus on high-growth aviation markets.
- 2017The Land of Silk and Money
China
Avolon published a white-paper series examining China's domestic, inbound and outbound aviation markets and future fleet requirements.
Outcome. The series positioned Avolon as an aviation-market research and thought-leadership participant.
- 2013Pioneers and Aviators: A Century of Irish Aviation
Ireland
Avolon commissioned a documentary about the development of Irish aviation, covering pioneering flights, Aer Lingus, Irish airports, Tony Ryan, Guinness Peat Aviation and Ryanair. It premiered in Dublin in January 2014 and was later broadcast by RTÉ.
Outcome. The project was followed by a photographic book released in 2015 and reinforced Avolon's association with Ireland's aviation heritage.
Brand decisions
2021
Commitment to Vertical Aerospace VX4 aircraftProduct launchBackground
Avolon evaluated emerging electric aircraft as a potential future aviation-asset category.
Action taken
It ordered 500 VX4 eVTOL aircraft and invested in Vertical Aerospace.
Aftermath
Avolon worked with prospective airline and mobility partners to explore future eVTOL services; the aircraft remained a development program.
2017
Acquisition of CIT aircraft leasingM&ABackground
Avolon pursued scale and fleet diversification in a consolidating aircraft-leasing sector.
Action taken
Avolon completed its acquisition of CIT Group's aircraft-leasing business.
Aftermath
The combined company became the world's third-largest aircraft lessor at the time, with about 850 aircraft valued above $43 billion.
2015
Sale to Bohai LeasingM&ABackground
Bohai Leasing sought complete ownership of Avolon as part of its aviation and financial-services expansion.
Action taken
Bohai offered $31 per Avolon share and completed the acquisition in January 2016.
Aftermath
Avolon became privately held and was delisted from the NYSE.
Cash offer per common share. $31 (2015 offer announcement)
2014
Public-market listingStrategyBackground
Avolon sought public equity-market access to support its growth as a global aircraft lessor.
Action taken
The company completed an IPO on the New York Stock Exchange under AVOL.
Aftermath
The listing ended when Bohai Leasing acquired Avolon in 2016.
Recent events
- Unconfirmed
Avolon announces planned aircraft-leasing joint venture[2]
Bohai Leasing announced that Avolon plans to invest with investment entities managed by I Squared Capital and Platinum Investor to establish Constellation Aviation LP and its general-partner entity, Constellation Aviation GP LLC.
- Unconfirmed
Reported
AirAsia and Avolon sign eVTOL partnership memorandum[3]
AirAsia and aircraft lessor Avolon signed a non-binding memorandum of understanding under which AirAsia plans to lease at least 100 eVTOL aircraft for a future air ridesharing service.
Reported
JAL and Avolon form eVTOL partnership in Japan[4]
Japan Airlines and Avolon announced a strategic partnership to advance the commercialization of eVTOL aircraft in Japan. Japan Airlines will have the right to lease or purchase up to 50 Vertical VA-X4 aircraft, with an option for up to 50 additional units.
Reported
GOL, Avolon and Grupo Comporte announce eVTOL ride-sharing partnership in Brazil[5]
GOL announced a partnership with Avolon and Brazilian transport operator Grupo Comporte to commercialise an eVTOL ride-sharing platform in Brazil. GOL and Grupo Comporte also committed to purchase or lease up to 250 VA-X4 aircraft manufactured by Vertical Aerospace.
- Unconfirmed
Reported
Avolon reprices $672 million term loan facility[6]
Avolon announced that it had repriced $672 million of its senior secured Term Loan B-5 Facility, reducing the spread from LIBOR plus 2.50% to LIBOR plus 2.25% and lowering the LIBOR floor from 0.75% to 0.50%.
Reported
Avolon prices US$650 million senior unsecured notes offering[7]
Avolon announced the pricing of a private offering by its wholly owned subsidiary for US$650 million of 5.50% senior unsecured notes due 2026. The offering was expected to close on or about September 29, subject to customary closing conditions.
Sources8 sources
- 1Avolonen.wikipedia.org
- 2Avolon宣布拟设立飞机租赁合伙企业bjnews.com.cn
- 3亚航与Avolon签署电动垂直起降飞行器合作备忘录sea.mashable.com
- 4日本航空与Avolon在日本建立电动垂直起降飞行器合作关系futuretravelexperience.com
- 5GOL、Avolon与Grupo Comporte宣布在巴西合作开发电动垂直起降飞行器共享出行平台futuretravelexperience.com
- 6Avolon 下调 6.72 亿美元定期贷款融资利率finanznachrichten.de
- 7Avolon确定6.5亿美元高级无担保票据发行价格finanznachrichten.de
- 8Avolon Holdings Limited: Avolon Announces Pricing of US$1.5 Billion Senior Unsecured Notes Offeringfinanznachrichten.de
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