US Private-Equity Firm 777 Partners Engages in Talks with Boeing and ATR for New Jet Order

777 Partners, a private equity firm based in Florida, has revealed that it is in discussions with aircraft manufacturers Boeing and ATR regarding a potential new jet order. The firm is seeking to expand its presence in various markets amidst a surge in air travel.

Josh Wander, Managing Partner of 777, stated in an interview with Reuters that while talks have been initiated with the manufacturers, the key challenge lies in determining the delivery timeline for ordered jets. He did not disclose specific figures related to the potential order.

These discussions come at a time when airlines are rushing to secure planes, capitalizing on the stronger-than-expected recovery in air travel. 777, headquartered in Miami, primarily invests its founders’ capital and currently manages approximately $10 billion in assets. The firm has already finalized orders for 60 aircraft within its portfolio.

In a statement, 777 mentioned that it is engaged in talks with ATR for an additional opportunity encompassing aircraft, technology, and airline services. If finalized, this opportunity would raise the number of committed aircraft purchase agreements to over one hundred.

Boeing declined to comment on the matter, while ATR was not immediately available for a response.

Wander further revealed that 777 Partners is exploring investment prospects in Asia and South America. Additionally, the firm is on the verge of reaching an agreement to invest in a South African carrier, although the carrier’s identity was not disclosed.

777’s business model involves the acquisition of jets, which are then leased to airlines in which it holds a stake. Some of its supported airlines include Canadian low-cost carrier Flair Airlines and Australian airline Bonza.

Flair Airlines faced a setback in March when four of its aircraft were seized due to a commercial dispute with New York-based hedge fund and aircraft lessor Airborne Capital Ltd. The matter is currently being resolved in court.

Sources: AirGuide Business airguide.info, reuters.com, 777 Partners