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DORAL, Fla. - AerSale Corporation (NASDAQ:ASLE), a global provider of aviation aftermarket services with a market capitalization of $368 million, announced Monday the appointment of Thomas Mullins to its board of directors, effective immediately. According to InvestingPro data, the company’s stock has seen a notable 33% price return over the past six months. The addition of Mullins, a seasoned investment banker with over three decades of financial experience, expands the board to eight members.
Mullins brings a wealth of expertise, particularly in the aviation sector, having led more than 140 transactions as the lead banker at Raymond (NSE:RYMD) James. His financial acumen spans a range of situations including mergers and acquisitions, initial public offerings, stock offerings, share repurchases, and debt issuance. His specific experience in the aviation industry includes developing Raymond James’ Airlines and Aviation Services practice, overseeing more than 55 transactions across the Americas and Europe. This appointment comes as InvestingPro analysis shows AerSale maintaining strong liquidity with a current ratio of 7.21, indicating robust financial health.
Nicolas Finazzo, Chief Executive Officer of AerSale, expressed confidence in Mullins’ ability to enhance the company’s financial strategies. "His expertise will enhance AerSale’s financial acumen, assist our leadership team in optimizing our capital structure and better assess financial opportunities," said Finazzo.
Mullins holds a B.A. degree from Vanderbilt University and an MBA from the Tuck School of Business at Dartmouth College, credentials that support his strong background in finance and business strategy.
AerSale serves clients in the airline industry, offering a suite of integrated services designed to provide significant operational and maintenance savings. The company, which generated revenues of $345 million in the last twelve months, specializes in aircraft and engine sales and leasing, maintenance, repair and overhaul (MRO) services, and the sale of used serviceable materials. It also develops proprietary ’Engineered Solutions’ like AerSafe™, AerTrak™, and AerAware™ to improve aircraft performance and economics. InvestingPro subscribers can access 8 additional key insights about AerSale’s business performance and future growth potential through our comprehensive Pro Research Report, part of our coverage of over 1,400 US stocks.
The appointment is expected to strengthen AerSale’s leadership as it continues to navigate the competitive aviation aftermarket industry. This news is based on a press release statement from AerSale Corporation.
In other recent news, AerSale Corp has received approximately $34.6 million as an advance insurance payment following a fire incident at its secondary parts warehouse in Roswell, New Mexico. The fire, which occurred in April 2024, destroyed inventory with a cost basis of $6.0 million. The insurance covering this inventory had a limit of $100 million with a $10,000 deductible. AerSale filed a claim for about $67 million, representing the replacement value of the lost inventory. As of September 30, 2024, the claim had not been settled, prompting the company to record an impairment and a non-trade receivable of $6.0 million each in its financial statements. On December 9, 2024, AerSale reached an agreement for a good faith payment of $37.0 million against the claim. The final valuation of the claim remains under review, and discussions with insurance carriers are ongoing to provide additional information necessary for receiving the outstanding balance. AerSale anticipates recovering additional amounts up to the claim amount, although the timing and final amount are contingent on the insurance carriers’ final assessment.
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