Crestone Air Partners completes acquisition of Arena Aviation Capital
Crestone Air Partners, a majority-owned business of Air T, Inc., completed the acquisition of Arena Aviation Capital, increasing assets under management to $3.6 billion. Air T acquired a 10% stake in Crestone Asset Management, LLC for $6.2 million, while Blue Owl Capital invested at an $80 million valuation. Air T now owns approximately 83.9% of Crestone Air Partners.
*this image is generated using AI for illustrative purposes only.
Crestone Air Partners, a majority-owned business of Air T, Inc., has completed the acquisition of Arena Aviation Capital, an aviation asset manager with a diversified portfolio. The transaction, initially disclosed on March 8, 2026, closed following the satisfaction of all customary conditions and required approvals. This acquisition significantly expands Crestone's scale, bringing the combined platform's assets under management (AUM) to $3.6 billion.
Financial Impact and Valuation
The acquisition marks a substantial increase in AUM for Crestone. As of December 31, 2025, AUM stood at $800 million, growing to $1.2 billion by March 31, 2026. Post-transaction, the figure has risen to $3.6 billion. Crestone generates revenue through standard aviation industry management fees, including origination, administrative, and disposition fees, alongside an incentive fee above a hurdle rate. The platform targets returns of 10% or more after fees.
Ownership Restructuring
Prior to closing, Air T owned 90% of the common interests in Crestone Asset Management, LLC (CAM), with entities controlled by Mill Road Investors holding the remaining 10%. Air T and Aviation Growth Initiatives, LLC (AGI), a management-affiliated entity, acquired the 10% stake from Mill Road Investors at a pre-money valuation of $62 million for $6.2 million in cash. Additionally, Blue Owl Capital invested in Crestone Air Partners at a post-merger valuation of $80 million, acquiring up to 12.5% equity dependent on performance. Following these transactions, Air T owns approximately 83.9% of the equity in Crestone Air Partners.
Strategic Rationale
Air T characterized the deal as an expression of its permanent-capital, buy-to-build investment model. Nick Swenson, Chief Executive Officer of Air T, Inc., emphasized that the company provides permanent capital without expiration dates, allowing business units to grow. Crestone's growth from zero to over $3.5 billion in AUM within five years is cited as evidence of this strategy. The integration leverages Air T's network, which includes airframe and engine material sales, landing gear leasing, disassembly, storage, and MRO facilities.
Key Metrics
| Metric | Value |
|---|---|
| AUM (Dec 31, 2025) | $800 million |
| AUM (Mar 31, 2026) | $1.2 billion |
| Post-transaction AUM | $3.6 billion |
| Pre-money valuation (CAM) | $62 million |
| Cash consideration for 10% stake | $6.2 million |
| Post-merger valuation (Blue Owl) | $80 million |
| Air T current ownership | ~83.9% |
How will the integration of Arena Aviation Capital's portfolio impact Crestone's ability to maintain its targeted returns of 10% or more?
What specific operational synergies does Air T expect to realize by leveraging its MRO and disassembly facilities for the expanded $3.6 billion platform?
What are the performance milestones required for Blue Owl Capital to fully exercise its 12.5% equity option?
20
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
