Air T announced that its majority-owned business Crestone Air Partners has completed its acquisition of Arena Aviation Capital, an aviation asset manager with a diversified portfolio and established airline relationships.
The transaction was first disclosed on March 8, 2026, and has now closed following the satisfaction of customary closing conditions and required approvals.
Crestone Air Partners is a global aviation asset management platform. The acquisition of Arena Aviation Capital significantly expands the platform, bringing combined assets under management to approximately $3.6 billion.
Crestone’s assets under management totaled $800 million as of December 31, 2025, and grew to $1.2 billion as of March 31, 2026. Following the acquisition, the combined platform now has $3.6 billion in assets under management.
Crestone receives aviation industry management fees, including origination fees, administrative fees, disposition fees, and incentive fees above certain hurdle rates that vary by investment transaction. Air T said its aviation asset management platforms seek to generate returns above 10% after fees.
Before the transaction closed, Air T owned 90% of the common interests in Crestone Asset Management, while entities controlled by Mill Road Investors owned the remaining 10%. In connection with the transaction, Air T and Aviation Growth Initiatives, a management-affiliated entity formed by executives of Crestone Air Partners, acquired Mill Road’s 10% common interest position in Crestone Asset Management at a pre-money valuation of $62 million for $6.2 million in aggregate cash consideration.
On the closing date, Blue Owl Capital invested in Crestone Air Partners at an $80 million post-merger valuation, for up to 12.5% of the business, contingent on Crestone’s performance. Air T now owns approximately 83.9% of the business’s equity.
Air T said the transaction reflects its permanent-capital, buy-to-build investment model. The company said it aims to provide business leaders with the resources and time needed to grow their platforms rather than investing with a short-term trading approach.
The acquisition also strengthens Air T’s broader aviation portfolio. Crestone’s leasing capabilities are supported by the Air T network, which includes airframe and engine material sales, landing gear leasing, disassembly, storage, and maintenance, repair, and overhaul facilities.
Air T said this networked aviation portfolio allows Crestone to access complementary capabilities across an aircraft’s life cycle. The company said it intends to continue building within aviation, where it sees multiple niche, high-value business opportunities.
Established in 1980, Air T operates a portfolio of businesses and financial assets across segments including overnight air cargo, ground support equipment, commercial aircraft, engines and parts, regional airline operations, and digital solutions.
KEY QUOTES:
“We buy to build and empower dynamos and dynamic teams. Our investments don’t come with expiration dates. Crestone has grown from zero to over $3.5 billion dollars in assets under management in five years. Our job was to provide permanent capital and the runway, then let Crestone build. Crestone’s leasing capabilities are supported by the AirT network: airframe and engine material sales, landing gear leasing, disassembly, storage, and MRO facilities all sit inside the Air T family. Crestone can draw on every one of them across an aircraft’s life. Aviation has a lot of niche, high-value businesses within it, and we seek to know them well. That’s the momentum a networked portfolio creates – and we intend to keep at it.”
Nick Swenson, Chief Executive Officer of Air T
