Cargill’s Investment Fund Buys Irish Aviation Leasing Co.

CarVal has invested more than $76 billion across 70 countries since its inception in 1987.

CarVal Investors LLC, the investment subsidiary of Minnetonka-based Cargill Inc., has acquired majority ownership in an Irish aviation leasing company from billionaire Denis O’Brien and co-owner Fred Browne. O’Brien will leave the Dublin-based company while Browne will stay and reinvest in a 10 percent stake of Aergo, according to a news release. Further details of the transaction were not disclosed.
 
CarVal called the airline leasing market “dynamic.” Earlier this year, it hired Justin Bradburn as a managing director to take charge of its aviation and transport investments, Bloomberg reports.
 
Aergo reported a $1.96 million profit on $44.9 million in revenues last year, according to The Independent. Browne, previously Aergo’s managing director and CEO, and O’Brien founded the company in 1999. It reports that it has since traded more than 150 aircraft around the world with a gross value of $1 billion-plus.  
 
Based in Hopkins, CarVal is a global alternative investment fund manager that focuses on distressed and credit-intensive assets and market inefficiencies. The fund said it has invested more than $76 billion in more than 5,000 transactions across 70 countries. CarVal has about $10 billion in assets under management in both credit and real estate strategies.