On the 10th of January 2017 Apollo Aviation Group (together with its affiliates, Apollo Aviation), an aviation investment manager, announced that in 2016 its fleet of mid-life aircraft grew by 64% while its assets under management, including invested capital, indebtedness and available capital, grew by 42% to $3.5 billion.

In the fourth quarter, Apollo Aviation reported that it acquired six in-production narrow-body aircraft from the A320 and B737NG families, for $131 million. This brought the aggregate number of aircraft Apollo Aviation acquired in 2016 up to 55 with a total purchase price of $1.28 billion.

Of the 55 aircraft acquired, 46 were narrow-body while nine were wide-body with 96% of the aircraft being in-production models. The aircraft are from the A320ceo, B737NG and B757 families and 53 aircraft had leases attached. Additionally, Apollo Aviation acquired six engines.

Robert Korn, Apollo Aviation’s President, explained: “We gained 20 new customers in 2016 which drove demand for our mid-life fleet, taking it to over 100 aircraft last year. With industry forecasts predicting the number of planes in service to double over the next 20 years2, we are confident that our fleet – already at 131 aircraft – will continue to grow to meet increasing customer demand.”

The company added that in 2016, Apollo Aviation completed two asset backed securitizations, AASET 2016-1 and AASET 2016-2, raising $1.15 billion to finance 67 aircraft.