Willis Lease Finance (WLFC) has confirmed that its Willis Asset Management subsidiary has acquired the business and assets of Total Engine Support (TES), the consulting and asset management business of the TES Aviation Group.
TES’ parent group went into administration on October 26 but the asset management division of the Bridgend, Wales-based firm will now fall under the ownership of Willis. Around 32 jobs will be transferred as part of the transaction.
TES currently has around 500 aircraft engines under its management.
“We have discussed for many years the goal of turning our world class technical team into a source of revenue by developing an asset management and technical services business and we began marketing these services, with great success, to our customers last year,” said Charles Willis, Chairman and CEO of WLFC.
“With this investment, we have taken a significant leap forward in that process by bringing on the exceptional people who made TES the leader in engine consultancy and management, as well as the customer relationships, sophisticated systems and data that could have taken us years to develop on our own.”