This week saw AIP Capital announce the closing of an investment in a VIG Partners fund which holds control in Korean carrier Eastar Jet, which enables the placement of five Boeing 737 MAX aircraft.
Two 737 MAX aircraft have been delivered to the Korean carrier already, with one due this month, and the final two in the last quarter of 2024.
Without further ado, let’s get into it…
The Plan for Eastar Jet with the 737 MAX…
Eastar Jet will use the Boeing 737 MAX 8 as the formula to begin its operations, thanks to the funding received by AIP Capital in this.
It is understood that the carrier will operate services to the following destinations initially from both major Seoul airports:
Having a total of five aircraft to begin operations with this will work well for the airline, especially when it comes to providing frequent services and establishing its reputation.
Commenting on this milestone was Jared Ailstock, the Managing Partner of AIP:
“We are pleased to be a first mover with Eastar Jet immediately following the acquisition by VIG Partners.”
“AIP’s commitment of five 737 MAX aircraft and concurrent financial investment was key in Eastar continuing as a Boeing operator as they seek to grow the airline.”
“We are grateful for the trust placed in AIP by both the Eastar management team and VIG Partners and look forward to growing our partnership in the region.”
Changhoon Shin, the Managing Partner of VIG Partners added to Ailstock’s words:
“We are pleased to establish and build our relationship with AIP through this large transaction.”
“Five aircrafts for EastarJet will be the foundation of the airline’s network and allow us to initiate substantial growth with the operational efficiency of the Boeng 737 MAX.”
Overall, these transactions will enable Eastar Jet to further bolster its operations going into the future.