Willis Lease Finance Corporation (WLFC) reported the launch of Willis Aeronautical Services (“WASI”), a new wholly-owned subsidiary which will provide ‘end-of-life’ solutions for aviation materials and services related to aircraft engines. In conjunction with the formation of WASI, Willis Lease acquired most of the assets and hired the team of professionals from JT-Power (“JT-Power”), a leader in supplying aftermarket material and services to the aviation industry. The new subsidiary will be based in the former JT-Power facility in Boynton Beach, Florida. Willis Lease acquired most of JT-Power’s inventory of aviation material and aircraft engine assets for a total consideration of $5.9m. Included in the purchased assets are approximately $3.0m in inventories. The purchase price was established by analysis of other similar transactions in the market, third party evaluations of inventory acquired, and a third party business valuation from a leading expert in the aviation industry. The transaction is expected to be accretive to earnings.
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