WestJet, the Calgary-based airline, has entered into a Purchase and Leaseback agreement with Genesis, the Dublin-based aircraft leasing company. The deal, announced on December 22, 2023, involves the acquisition of six Boeing 737-800 aircraft. This transaction marks the first collaboration between WestJet and Genesis. The deal expands the Genesis portfolio with additional highly desirable 737-800 aircraft and paves the way for a promising partnership between the two companies.
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Karl Griffin, CEO of Genesis, expressed his delight at welcoming WestJet as a new customer to Genesis. He commended his team for delivering a turnkey Purchase and Leaseback solution to WestJet by year-end. This achievement, he noted, was particularly commendable given the timing just ahead of the holidays. On the other hand, Aaron McKay, Vice-President of Treasury and Fleet at WestJet, acknowledged Genesis' support of WestJet's ongoing fleet plans. With strong intentions to grow its 737 fleet in the coming years, WestJet appreciates the support from Genesis and looks forward to the future of this partnership.
Genesis, established in 2014 by global financial service firm Barings, is a full-service aircraft lessor based in Dublin. It has 32 customers in 21 countries across the globe. The Genesis portfolio, an all-narrow-body aircraft fleet, comprises 55 owned, managed, and committed Boeing and Airbus aircraft. In its 27 years of serving Canadians, WestJet has grown from three aircraft, 250 employees, and five destinations in 1996 to more than 180 aircraft, 14,000 employees, and over 100 destinations in 26 countries.
This Purchase and Leaseback agreement is a testament to the growth and evolution of both WestJet and Genesis. It signifies a strategic move that will undoubtedly contribute to the expansion and diversification of their respective portfolios. As the aviation industry continues to navigate the challenges of the post-pandemic era, such collaborations are crucial in fostering resilience and driving growth.