On October 17, IMM Investment announced that, together with its partners-including global aircraft asset manager East Merchant Capital-it has signed a share purchase agreement (SPA) to sell 100% of its stake in aircraft leasing company Krianja Aviation to a fund managed by BC Partners Credit.
BC Partners Credit is the private credit arm of global alternative investment firm BC Partners, and global aircraft asset manager FPG Amentum participated as a partner in this acquisition.
This transaction marks the first-ever acquisition and merger (M&A) of an aircraft leasing company in Korea and is considered a meaningful achievement that demonstrates IMM's expertise in operating an aircraft finance platform and its asset recovery capabilities.
Krianja Aviation has secured leading global airlines as lessees and, based on stable operating lease income, has continued to show steady growth and profitability through the first half of 2025.
Baek Jinheum, head of IMM’s Singapore office, stated, “Although aircraft finance is inherently structured for stable returns, it is still perceived as a challenging asset class to handle in the domestic market. Taking this into consideration, IMM has systematically operated the platform from the initial stages of lease contracts to the sale, adopting a long-term perspective and working with outstanding professionals.”
He added, “Even during the pandemic, we demonstrated structural stability by collecting full lease payments without reductions or deferrals, thanks to our strong lessee base. This transaction serves as a model of a Korean-style aircraft leasing company that can be competitive in the global market.”
Ted Goldthorpe, head of BC Partners Credit, commented, “This acquisition reflects our continued confidence in the long-term fundamentals of the aviation industry and will provide investors with more stable and attractive return opportunities. Through BC Partners’ long-term capital base, we will expand investments in high-quality aircraft assets and maximize value through flexible management across the entire lifecycle of the assets.”
IMM stated that this deal once again proves its operational expertise and capital recovery abilities in the aircraft finance sector, noting that the competitiveness of the Krianja portfolio was confirmed even under conservative valuation standards. By proactively managing key terms such as lease extensions, IMM was able to facilitate a smooth sale process.
Through this platform sale, IMM has successfully recovered capital and plans to expand new investment strategies and partnerships in aircraft finance and adjacent real asset sectors going forward.
Meanwhile, Goldman Sachs, Milbank, KPMG, Matheson, and Linden Partners acted as advisors to IMM for this transaction. BC Partners Credit received advice from Pillsbury, Clifford Chance, KPMG, and McCann FitzGerald. The transaction is expected to be completed within the fourth quarter of 2025, following customary closing procedures.
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