Pacific Life Expands Aviation Capital Group Growth Capital
Through Partnership with Strategic Investor
Tokyo Century Corporation to purchase 20 percent membership interest in Aviation Capital Group;
Pacific Life to maintain controlling stake in aircraft leasing subsidiary
NEWPORT BEACH, Calif. – September 28, 2017 – Pacific Life Insurance Company today announced it has entered into an agreement with Tokyo Century Corporation (TC) that results in an investment by TC for a 20 percent membership interest in Aviation Capital Group (ACG), Pacific Life’s wholly-owned commercial aircraft leasing subsidiary.
Per terms of the deal, in addition to this initial investment, TC has agreed to provide additional capital to ACG to help accelerate ACG’s business expansion and create incremental business opportunities. Pacific Life will retain a controlling interest in ACG.
“Pacific Life is vested in the continued growth and success of ACG, which has delivered strong and consistent earnings,” said Pacific Life Chairman, President and CEO Jim Morris. “Tokyo Century Corporation joins us as a committed strategic partner with familiarity in the commercial aircraft leasing industry, and a dedication to driving additional sources of growth and income for ACG.”
TC is publicly-held and listed on the Tokyo Stock Exchange. Its core lines of business include equipment leasing, specialty financing, domestic automobile financing, and international business with a global network in 37 countries. TC’s aircraft financing operation currently owns 48 aircraft. More information can be found at: www.tokyocentury.co.jp/en/.
Goldman Sachs served as financial advisor for this transaction, together with Debevoise & Plimpton LLP as the legal advisor.
The transaction is expected to close in the fourth quarter of 2017.
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2017 is compiled by Pacific Life using the 2017 FORTUNE 500® list.
About Aviation Capital Group
Aviation Capital Group is one of the world’s premier full service aircraft asset managers with 441 owned, managed and committed aircraft as of June 30, 2017, which are leased to approximately 95 airlines in approximately 40 countries. ACG was founded in 1989 and is an indirect wholly-owned subsidiary of Pacific Life Insurance Company.