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December 23, 2020
Cadwalader advised Monocle Acquisition Corporation, a special purpose acquisition company (SPAC), on the consummation of its business combination with AerSale Corp., a leading integrated, global provider of aviation aftermarket products and services. The combined company, named AerSale Corporation, is now publicly traded on the Nasdaq Capital Market under the ticker symbol “ASLE” and its warrants under “ASLEW.”
More information is available here.
This was one of the most complex de-SPACing transactions in the last year. It was agreed upon prior to the beginning of the COVID-19 pandemic, was completed during the pandemic, involved a number of PIPE investments, required an extension of the SPAC deadline, with related redemption rights, and involved renegotiation of the business combination agreement.
AerSale, previously wholly-owned by Leonard Green & Partners, Florida Growth Fund LLC and the Company's two founders, is headquartered in Coral Gables, Florida and with strategically located operating facilities. AerSale serves a diverse customer base operating large jets manufactured by Boeing, Airbus and McDonnell Douglas and is dedicated to providing integrated aftermarket services and products designed to help aircraft owners and operators to realize significant savings in the operation, maintenance and monetization of their aircraft, engines, and components. AerSale’s offerings include: Aircraft & Component MRO, Aircraft and Engine Sales and Leasing, Used Serviceable Material sales, and internally developed ‘Engineered Solutions’ to enhance aircraft performance, operating economics and satisfy FAA mandates.
The Cadwalader team was led by Corporate partners Stephen Fraidin and Greg Patti and includes Corporate partner Braden McCurrach and associates Peter Bariso and Marianna Wonder; Tax partner Linda Swartz and associate Matthew Seitz; and Finance partner Christopher McDermott and associate Michael Lynch.
