Investment Firm 777 Partners Orders 24 Boeing 737 MAX Airplanes
Agreement includes purchase rights for 60 additional airplanes
777 Partners will lease the 737-8s to its affiliated operating ultra-low-cost carriers
Boeing [NYSE:BA] and private investment firm 777 Partners announced an agreement to add 24 737-8s to the firm’s diverse aviation portfolio, with 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. The firm’s travel sector strategy is largely focused on innovative solutions for interlining, passenger connectivity, and creating new commerce channels for its airline investments and customers.
“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. We are humbled to call one of America’s greatest manufacturers our partner in this endeavor.”
The 737-8 can fly 3,550 nautical miles, about 600 miles farther than its predecessor. This additional capability allows airlines to offer new and more direct routes for passengers. The 737-8 reduces fuel use and CO2 emissions by 16% compared to the airplanes it replaces, and that superior fuel efficiency means lower operating costs and a smaller environmental footprint. Every airplane features the new Boeing Sky Interior, highlighted by modern sculpted sidewalls and window reveals, LED lighting that enhances the sense of spaciousness and larger pivoting overhead storage bins.
“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.
Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As a top U.S. exporter, the company supports commercial and government customers in more than 150 countries, leveraging the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.
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.