Boeing and 777 Partners have announced an agreement to add 24 737 Max planes to the firm’s aviation portfolio.
The private investment firm has also taken purchase rights for an additional 60 airplanes.
The Miami-based company will place the single-aisle airplanes with its growing portfolio of low-cost carrier investments around the world.
In addition to aircraft leasing, 777 Partners strategically invests in a host of aviation businesses, from operating carriers to technology-driven solutions.
“We could not be more excited to partner with Boeing on this transformative order for our growing aviation business.
“The 737-8 aircraft are a fantastic addition to our aviation portfolio and will enable our partners to leverage the jets’ superior economic performance to deliver low fares for their passengers while reducing their carbon footprint,” said Joshua Wander, founder and managing partner of 777 Partners.
“The retrenchment of traditional carriers globally has created an unprecedented market opportunity for more agile and cost-efficient operators.
“These aircraft will enable our operators to accelerate the recovery in the destinations they serve.”
The 737-8 Max can fly 3,550 nautical miles, about 600 miles farther than its predecessor.
“777 Partners has gained a reputation for investing in high-growth markets and we are delighted to welcome them to the Boeing 737 family.
“This is a significant order that speaks to 777 Partners’ belief in the 737-8 and the market recovery ahead.
“We look forward to delivering these jets and supporting a safe and successful entry into service with 777 Partners’ affiliates,” said Ihssane Mounir, Boeing senior vice president of commercial sales and marketing.
777 Partners is a Miami-based private alternative investment firm that invests across a number of high growth attractive verticals.
Founded in 2015, 777 Partners initially applied its expertise in underwriting and financing of esoteric assets to diversify across a broad spectrum of financial services businesses, asset originators and financial technology/service providers.
In recent years, the firm has broadened its mandate and now invests across six different industries: insurance, consumer and commercial finance, litigation finance, direct lending, media and entertainment and aviation.