Crestone Air Partners (Crestone), the global aviation asset management platform majority owned by Air T, has completed its acquisition of Arena Aviation Capital (Arena), following the fulfilment of all customary closing conditions and regulatory approvals.
The deal, first announced in March 2026, significantly expands Crestone’s scale and capabilities. The combined business now manages more than US$4 billion in assets, with a portfolio of approximately 120 aircraft and 17 engines leased to airlines and operators worldwide.
The enlarged organisation employs 55 professionals across five countries, strengthening Crestone’s position as a leading full-service aviation asset manager. Headquartered in Denver, the company now benefits from an expanded global footprint and broader operational reach.
Arena Aviation Capital brings a highly experienced team, a complementary portfolio and long-standing airline relationships that align closely with Crestone’s aircraft lifecycle investment strategy. Arena’s presence in Denver, Amsterdam and Dublin, alongside satellite offices in Singapore and Buenos Aires, further enhances the company’s ability to support customers across key aviation markets.
The transaction also includes a passive minority equity investment from funds managed by Blue Owl Capital (Blue Owl). The investment is expected to complement Blue Owl’s growing aircraft acquisition programme with Crestone and support future growth opportunities.
Crestone will continue to be led by Chairman and Chief Executive Officer Kevin Milligan. As part of the integration, Arena Chief Executive Officer Patrick den Elzen will join Crestone’s board of directors. Arena Chief Commercial Officer Erik Dahmen will remain with the business as a full-time Senior Advisor and will also join Crestone’s advisory board.
