Aviation Capital takes into aircraft leasing corporation

The parent corporation of Boullioun Aviation Services Inc. has reached an agreement to advertise the aircraft leasing corporation to Aviation Capital assemblage , a subsidiary of Pacific time Insurance Co., according to an announcement. The companies said the deal is a reserve purchase harmony but didn't disclose details.

WestLB, a profit-making bank based in Düsseldorf, Germany, has been seeking a buyer used for Bellevue, wash down .-based Boullioun since about the beginning of the year.

Included in the purchase concurrence are 102 owned or managed aircraft, 11 Airbus planes that are lying on order, Boullioun's 50 employees into Bellevue in addition to other assets, according to the announcement.

Boullioun has focused on leasing single-aisle aircraft, such seeing that the Boeing 737 along with Airbus A320, to the discount airline industry. The company had 2004 revenue of regarding $200 million.

When the deal closes within the second quarter, Aviation Capital becomes Boullioun's fifth owner in 20 years.

WestLB, an Americanized report of Westdeutsche Landesbank Girozentrale, purchased the business in late 2000 from Deutsche Bank AG of Frankfurt, which in turn had purchased it within 1998.

Ex-Boeing executive E.H. Boullioun, who founded the company after retiring seeing that chairman of Boeing's viable Airplane Group inside 1986, sold the business to Sumitomo Trust & Banking Co. inside 1994.

Newport Beach, Calif.-based Aviation funds Group said the purchase will "solidify its smudge as one of the top five aircraft lessors in the world."