Posted on: 13 October 2016 by Mark Howells
Aircraft lessor AeroCentury, now with former Saab Aircraft Leasing president Michael Magnusson (pictured) as its CEO, has unveiled its vision to grow in the regional market using its credit line of more than $100 million.
Industry veteran Magnusson took over as president and CEO during the third quarter of 2016, following the death of the company’s founder and CEO Neal Crispin at the beginning of the year. Part of the new leader’s role is to build the lessor’s fleet.
AeroCentury currently has a fleet of 19 turboprops (six Saab 340B/BPlus, six Bombardier Dash 8/Q-300 and three Q400s and four Fokker 50 aircraft) and 12 jets (four Bombardier CRJ700/705, four CRJ900, two CRJ1000s and two Fokker 100 aircraft).
“We want to keep a balance between turboprops and regional jets,” Magnusson explained. “We’re willing to look at some of the new entrants, but we want to see a controlled transition from older generation types to newer generation aircraft. We also want to remain small and nimble, but also a reliable long-term partner for regional airlines.”
Magnusson admitted that the AeroCentury is looking at Embraer E-Jets, though he said the company is “trying to get a better handle on E-Jet pricing at the moment”. He noted that the first ATR -600 Series aircraft are now coming into the pre-owned market and that these were also of interest to the company.
Founded 1997, AeroCentury “pioneered regional aircraft leasing,” according to Magnusson. The company went through an IPO in 1998, was listed on the New York Stock Exchange (NYSE) and remains “the only public company that leases exclusively regional aircraft assets”.
Bernie Baldwin, editor, LARA