Denis O'Brien Sells Aircraft Leesing Company to CarVal

CarVal Investors LLC, the asset-manager unit of Cargill Inc., bought Aergo Capital Ltd., an Irish aviation leasing company co-owned by billionaire Denis O’Brien.

Aergo has “traded” over 150 airplanes since it was founded in 1999 by O’Brien and Chief Executive Officer Fred Browne, Minnetonka, Minnesota-based CarVal said in an e-mailed statement today. It did not give financial details. Browne will remain with the Dublin-based company and “reinvest” in a 10 percent stake, it said.

CarVal, which has $10 billion of assets under management, hired Justin Bradburn as a managing director this year to take charge of its aviation and transport investments. Aergo reported a $1.96 million profit last year on $44.9 million of revenues, according to filings with the Irish companies office.

“Aergo has been a very profitable business,” O’Brien, Ireland’s richest native-born citizen, according to the Bloomberg Billionaires Index, said in the statement.

The telecommunications tycoon’s links to the aviation industry go back to 1983, when he joined Guinness Peat Aviation, then the world’s largest aircraft leasing firm.

Before it's here, it's on the Bloomberg Terminal.