New York, New York, [October 3, 2016] – Guggenheim Partners, a global investment and advisory firm with more than $240 billion in assets under management, announced today the sale of its commercial aircraft investment and management business, Guggenheim Aviation Partners (“GAP”), to the GAP management team.

Founded in 2003 as a joint venture between Guggenheim and aircraft industry veterans Steve Rimmer and Paul Newrick, GAP focuses exclusively on acquiring, leasing, converting, and selling commercial aircraft and engines. The team’s extensive track record includes completing over $8 billion in commercial aircraft transactions, management of more than 200 commercial aircraft, and leasing aircraft to over 40 domestic and international airlines and cargo operators.

During its tenure as a Guggenheim joint venture, GAP successfully managed two funds for Guggenheim’s clients totaling more than $5.3 billion in assets. Going forward, the business will operate under the name Altavair while continuing to manage and grow its current $3.4 billion commercial aircraft portfolio. With its experience in the aviation leasing market, Altavair also intends to raise additional permanent capital, which may include investments by Guggenheim clients, to support future growth thereby maintaining its position as a premier global aircraft leasing, financing, and management company.

“We are very appreciative of Guggenheim’s early and ongoing commitment which facilitated our many achievements. We are now excited to expand upon those successes as a stand-alone business,” said Steve Rimmer, Chief Executive Officer of Altavair. “We believe that our dedicated team coupled with our innovative approach uniquely positions Altavair to offer a full spectrum of financial solutions and investment opportunities to our clients and customers. We look forward to the road ahead.”

“It has been a pleasure working with Steve and Paul and their entire team for more than a decade to offer differentiated investment opportunities to our institutional clients,” commented Scott Minerd, Chairman of Investments and Global Chief Investment Officer of Guggenheim Partners. “We look forward to working with Altavair to identify high-quality commercial aviation investments opportunities for our clients in the future.”

For more information about Altavair, please visit www.altavair.com.