Engine Lease Finance Corporation has acquired a majority shareholding in INAV LLC, the Chicago-based parts company known as Inventory Navigators.
Jon Sharp, Group President and CEO of ELF, sees this as a significant strategic move for the company he founded. “This move gives us control of our aero-engine assets from cradle to grave. Our business model always has been to acquire new equipment and place it on long term leases, following which we deploy those assets in the short-term lease market, ultimately burning off the greentime before liquidating them through the part-out process. We have traditionally carried out the latter part of that process through third party companies but this investment in INAV gives us an in-house solution, but not to the exclusion of our other traditional partners in that arena.
“We looked long and hard at the part-out market and the companies populating it, before selecting INAV as our partner. INAV is a well-run company with tight controls and is ripe for the expansion that our strong finances and stream of tear-down candidate engines can bring. We really look forward to working with Dan, Craig and their team.”
Craig Hackendahl is the CEO of INAV and he and his team will be continuing to run the operation. He too sees great synergies, stating “The shared customer focus, culture and values of our two organizations are the perfect fit and were key drivers for this strategic decision. The additional capital and access to product will provide growth opportunities on both the supply, and customer side of the market . We are excited to be part of the ELF family and the future that lies ahead”.
Engine Lease Finance Corporation is a wholly-owned subsidiary of Mitsubishi UFJ Lease and Finance Ltd.