ITE Management to acquire Thora Capital
Alternative investment firm ITE Management has signed an asset purchase agreement with Thora Capital to acquire all the assets of one of the largest private investment management firms focused on helicopter leasing.
The asset acquisition grows ITE’s portfolio into “a differentiated, stable cash-flow asset class, reinforcing its leadership in transportation-based, asset-backed investments”, according to the company.
Thora Capital’s portfolio of assets, said to be secured by long-term contracts, serves a range of providers including hospitals, municipalities, and government agencies. Its services include capital sourcing, debt facilities, asset and portfolio management and asset disoposal and divestment execution.
Jason Koenig, co-founder and managing partner at ITE Management said: “We are excited to welcome the Thora Capital team to ITE. Both firms share a culture of disciplined investing and operational excellence.
“As demand for innovative capital solutions in the helicopter industry grows, this acquisition strengthens our position in a compelling market with strong fundamentals.”
Matt Rothschild, co-founder and CEO of Thora Capital said: “When Adam Gerchen and I launched Thora in 2018, we set out to build the premier asset manager dedicated to helicopter assets. Joining ITE allows us to scale our expertise within a broader transportation investment platform.” The acquisition would enable the company to create new opportunities, enhance operational efficiencies and deliver greater value to investors, he added.
Rothschild has been an institutional investor dedicated to financial services for 20 years after working as an environmental engineer. Before founding Thora Capital, he was a portfolio manager at Balyasny Asset Management, where he focused on alternative asset managers and the insurance sector. Previously, Matthew was head of the US Financial Services sector at AllianceBernstein and a portfolio manager at Alyeska Investment Group.
ITE’s portfolio includes rail cars, intermodal freight (containers), chassis (automotive), marine and aircraft.
Sidley Austin is acting as legal adviser to ITE. Katten Muchin Rosenman is acting as legal adviser to Thora Capital.
