SAN FRANCISCO, Jan. 30 /PRNewswire/ -- GATX Capital Corporation is pleased
to announce that it has reached agreement to acquire a fifty percent equity
stake in Pembroke Group, the Dublin based aircraft lessor. Subject to
regulatory approvals, GATX will purchase the Pembroke Group equity interest
currently owned by International Investment and Underwriting Limited, members
of Pembroke management and others. Following the acquisition, Pembroke Group
will be owned equally by GATX Capital and Rolls-Royce plc.
Pembroke Group was founded in 1993 and has a current portfolio of
145 aircraft owned, managed, on order or on option. At June 30, 2000,
Pembroke Group reported total assets of $853 million. In 1998 Rolls-Royce plc
became a shareholder of Pembroke Group when Rolls-Royce's aircraft leasing
activities were merged with those of the Irish leasing company.
Aircraft engine manufacturer Rolls-Royce and GATX Capital also have a
50-50 joint venture in the world's largest jet aircraft engine leasing
company, Rolls-Royce & Partners Finance Limited.
Jesse Crews, chief executive of GATX Capital said: "This acquisition
extends our successful strategic relationship with Rolls-Royce and furthers
our long-term goal of expanding the size and scope of our aircraft leasing and
management activities. We are very pleased to be associated with the strong
team of aircraft leasing and management professionals at Pembroke Group and
look forward to further developing the business together."
Alan Coe, executive vice president and head of GATX Capital's Air Group,
said: "With the addition of Pembroke, GATX will now have an ownership or
management interest in over 400 aircraft, in service or on order. Our new
joint investment with Rolls-Royce furthers our strategy of partnering with
leading industry participants as we did with the SAirGroup to create GATX
Flightlease in 1998."
GATX Capital Corporation is a wholly-owned subsidiary of GATX Corporation
(NYSE: GMT), a unique finance and leasing company combining asset knowledge
and services, structuring expertise, creative partnering and risk capital.
GATX provides sophisticated leasing and financial services responsive to the
specialized needs of a range of businesses. In addition to offering aircraft
operating leasing, GATX specializes in railcar and locomotive operating
leasing, information technology services leasing, venture finance, and
financing solutions for customers in diversified markets, worldwide.
Further information on GATX Capital Corporation can be found at
http://www.gatxcapital.com . For further information on GATX Corporation
please visit http://www.gatx.com .
Investor, corporate information and press releases may be found at
http://www.gatx.com. A variety of current financial information, historical
financial information, press releases and photographs are available at this
site.
SOURCE GATX Capital Corporation
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CONTACT:
George Lowman of GATX Corporation,
312-621-6599
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