Verona, WI — December 8, 2020 —
Contrail Aviation Support, LLC, a worldwide supplier of surplus and aftermarket commercial jet engine components as well as asset leasing and acquisitions, today announced the appointment of commercial aircraft transaction veteran, Michael Coviello, who has 42 years of industry experience, as Vice President of Transaction Management. Contrail is a key business unit and revenue driver of the Air T, Inc. holding company (NASDAQ: AIRT), which provides Contrail with strong capital resources and support.
In his new role, Coviello will manage and optimize all aspects of the deal flow transaction process, from contracts to third parties liaising to technical, in an effort to support the origination team and further drive transaction volume.
Throughout Coviello’s distinguished career spanning four decades, he has held notable leadership positions at Aviation Capital Group (ACG), GMT Global Republic Aviation, Mountain Capital Partners, AirCapital Aviation Services, Back Aviation, Republic Financial Corporation and Tombo Aviation (a Mitsui Company). Most recently, he served as Vice President Aircraft Trading of ACG in Newport Beach, CA, and prior to that served as ACG’s Vice President Portfolio Management.
Coviello brings extensive knowledge and experience in all aspects of transactions, including aircraft and engine leasing structures, asset optimization strategy and execution, remarketing and sale transactions, valuation, lease and purchase contracts, maintenance costing and planning, purchasing, regulatory requirements, equipment specification and aircraft operations.
Contrail’s Sebastian Lourier, EVP – Commercial & Portfolio Management, said: “Mike is a seasoned veteran who has domain expertise in all facets of commercial aviation transaction management, especially related to aircraft trading and leasing of mid-life and end-of-life aircraft. Mike joins us as a known quantity with over four decades of industry experience across countless transactions. He is an incredible source of knowledge, is well-networked and will be a powerful resource for the company. We’re thrilled to have him on board, and we look forward to his positive impact on Contrail’s trading and leasing platform, as his foundational and operational contributions will enable us to further accelerate our ability to execute on transactions.”
Coviello commented, “Contrail has built a solid reputation for success and I am fortunate to have shared a long-standing professional relationship with several members of the team. In this role I’ll be able to hit the ground running and work immediately within a team and group of people with whom I share a strong sense of camaraderie and where I can offer my knowledge and expertise to help make the company stronger.”
Continuing, “Contrail is uniquely positioned today to grow strategically within the marketplace. With its combination of strong capital, deep asset expertise and with the support of AIRT, they have a prime opportunity to make substantial strides within the industry and take advantage of a distressed market. “This is an exciting time for Contrail, and I am honored to help drive that growth as part of its leadership team.”
MORE ABOUT COVIELLO
In addition, Coviello has served as an independent technical aircraft consultant for a wide range of aircraft and engines and was an aircraft maintenance supervisor with Rockwell International Corporation and Eastern Air Lines. Mr. Coviello has held an FAA Airframe & Powerplant Certificate (A&P) Certificate for 42 years, and earned an AAS in Aircraft Maintenance Technology from the College of Aeronautics. He is a member of the International Society of Transport Aircraft Trading (ISTAT).
ABOUT CONTRAIL AVIATION SUPPORT, LLC
Contrail Aviation Support, LLC is a commercial aircraft trading, leasing and parts solutions provider focused on creative asset management strategies that maximize value. Founded in 2000 as an engine material trading company primarily focused on used serviceable material from the JT8D and CFM56-3, Contrail has since expanded into the most prevalent engine types powering the 737NG & A320 family. Contrail’s headquarters are located two hours north of Chicago’s O’Hare airport in 21,000 sqft facility. Contrail also has a whole-asset trading office in Denver, Colorado, and a satellite marketing presence in France and China. For more information, visit www.contrail.com.
Contrail is a business unit of Air T, Inc. (NASDAQ: AIRT), a holding company established in 1980 that now has a portfolio of operating businesses and financial assets across overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and commercial aircraft asset management and logistics. For more information, visit www.airt.net.
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