White Oak Global Advisors, LLC announced it completed a $550 million transaction with GE Capital Aviation Services (“GECAS”) to buy and immediately lease back 20 wide body aircraft engines.

To facilitate this transaction, and to strengthen and grow White Oak’s financing capabilities for aviation companies, the Company created White Oak Commercial Aviation, LP, an affiliated entity of White Oak that is wholly owned by its institutional investors.

Andre Hakkak, Chief Executive Officer and Co-Founder of White Oak Global Advisors said, “As aviation continues to grow domestically and internationally, we saw a great opportunity to apply White Oak’s expertise in lending to businesses that are the bedrock of economic growth by creating a new aviation-focused group. I believe this transaction with GECAS, which is widely recognized as the leader in the commercial airline and helicopter leasing market, demonstrates the deep level of skill and knowledge the White Oak Commercial Aviation group brings, and I look forward to expanding our offerings to the aviation market.”

The portfolio of aircraft engines consists of various models serving the Boeing 787 and 777 aircraft market. GECAS will continue to service the engines over the life the lease.

CIT served as financing partner in the transaction.

Related news story reported today: CIT Leads $422MM Financing for White Oak Commercial Aviation