Ashland Place Completes New Financing Facility for Crestone Air Partners, Air T, Inc. and Mill Road Capital

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Nov 12, 2024, 09:00 ET

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- Ashland Place Finance LLC ("Ashland Place"), a commercial aviation financing platform, today announced the completion of a new facility financing the acquisition of a Boeing 737-800 for Crestone Air Partners, Inc. ("Crestone"), Air T, Inc. ("Air T") and Mill Road Capital Management LLC ("Mill Road").

This is the third transaction that the Ashland Place platform has completed with Crestone, having previously financed the acquisitions of three Boeing 737-800 freighters in January 2024 and four CFM56 engines in July 2022.

"We are proud to continue our relationship with Crestone through this additional financing opportunity," said Jennifer Villa, Ashland Place's Executive Director and Group Head. "We look forward to further supporting them on future transactions."

Kevin Milligan, Crestone's Chief Executive Officer, added, "We are once again pleased to have partnered with Jennifer and the talented team at Ashland Place. They continue to prove their expertise in aviation lending through their innovative approach to this transaction, and we are excited to continue fostering our partnership in the future."

A&O Shearman served as legal counsel for Ashland Place and Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to Crestone, Air T and Mill Road.

About Ashland Place Finance LLC
Ashland Place Finance LLC is an institutional financing platform offering innovative capital solutions to the global commercial aerospace industry. Ashland Place is a wholly-owned subsidiary of Davidson Kempner Capital Management LP. Additional information can be found at: www.ashlandplace.com.

About Crestone Air Partners
Crestone Air Partners, Inc. (CAP) invests in commercial jet aircraft and the engines that power them on behalf of our capital partners. We are a full-service aviation asset management platform with a diverse portfolio of aircraft and engines leased to airlines globally. We target transactions in the secondary market, focusing on the last decade of the asset lifecycle. We take a collaborative approach with our clients by offering flexible lease terms tailored to our customers' requirements. Crestone brings unique value to transactions by drawing on the expertise and capabilities of interrelated aviation specialist subsidiary businesses across the Air T family (airframe material sales, landing gear leasing, engine material sales, disassembly, and aircraft storage). Crestone is headquartered in Denver, Colorado, and is a wholly owned business unit of Air T, Inc. holding company (NASDAQ: AIRT). Additional information can be found at: www.crestoneairpartners.com.

About Air T, Inc.
Established in 1980, Air T, Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground equipment sales, commercial jet engines and parts, and corporate and other. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.net.

About Mill Road Capital Management LLC
Mill Road Capital is a private investment firm focused on investing in and partnering with publicly traded micro-cap companies in the U.S. and Canada. The firm has flexible, long-term capital with the ability to purchase shares in the open market, buy large block positions from existing shareholders, provide capital for growth or acquisition opportunities, or execute going-private transactions. The firm has raised approximately $900 million of aggregate equity capital commitments and has offices in Greenwich, CT and the San Francisco Bay Area. More information can be found at http://www.millroadcapital.com.

Ashland Place Media Contact:
Prosek Partners
[email protected]

Crestone Media Contact:
Tori Cerda
Manager, Marketing & Operations
[email protected]

Air T, Inc. Media Contact:
Tracy Kennedy
Chief Financial Officer
[email protected]

SOURCE Ashland Place