SkyWorks Capital Research
Advisory Approach
SkyWorks Capital is a specialized aviation investment banking and advisory firm operating exclusively in the commercial aviation sector. The firm's thesis is that deep, specialized expertise across the entire aircraft lifecycle—from acquisition and financing through restructuring and disposition—creates superior outcomes for airline and lessor clients. Their approach combines technical aircraft knowledge with sophisticated financial structuring, positioning them as a trusted advisor to parties who need more than generic M&A advisory.
The firm operates through two primary platforms: SkyWorks Securities, LLC (a FINRA-registered broker-dealer for securities-related activities) and SkyWorks/IPG (a partnership with InterVISTAS for management consulting). This structure allows them to offer comprehensive solutions spanning capital raising, fleet strategy, asset management, and strategic advisory.
Sector Focus
SkyWorks maintains an exclusive focus on commercial aviation and aerospace. Their expertise spans:
Commercial Aviation: Airlines across all business models—network carriers, low-cost carriers, and regional carriers—rely on SkyWorks for fleet planning, aircraft sourcing, engine selection, and transaction execution. The firm has deep experience with both narrowbody and widebody aircraft from Airbus and Boeing, as well as regional jets and turboprops.
Aircraft Leasing & Asset Management: Through Sierra Echo Aircraft Leasing (a joint venture with LuminArx Capital Management) and their asset management platform, SkyWorks manages aircraft portfolios on behalf of institutional investors. They handle remarketing, lease negotiations, technical oversight, and disposition strategies.
Aviation Financing: The firm's $1 billion SkyLight lending platform, launched in partnership with LuminArx, provides secured debt solutions to airlines and lessors. This complements their traditional advisory work by offering direct capital deployment capabilities.
Deal Track Record
SkyWorks has completed transactions covering over 10% of the global commercial aircraft fleet, representing one of the most extensive footprints in aviation advisory. Recent transaction highlights include:
Aircraft Sales & Remarketing: Q4 2025 saw the firm arrange the sale of four aircraft on behalf of Sierra Echo Aircraft Leasing, including two A320-200s leased to Batik Air, one 737-900ER leased to Thai Lion Air, and one 787-8 leased to Aeromexico. In Q1 2024, they facilitated the sale of two A321-200 aircraft leased to Aegean Airlines.
Fleet Restructuring & Advisory: The firm advised a North American low-cost carrier on amendments to its aircraft order book in Q4 2025 and conducted in-depth analysis of Viva's fleet and operations in support of Viva's strategic transaction with Volaris. They also served as co-financial adviser to the ad hoc committee of secured noteholders and DIP lenders in Spirit Airlines' Chapter 11 proceedings.
American Airlines Relationship: SkyWorks has played a pivotal role in American Airlines' fleet strategy, facilitating orders for 85 Airbus A321neo and 85 Boeing 737 MAX 10 aircraft, plus negotiating a long-term engine maintenance services agreement with CFM. They've arranged lease extensions for A320-200 aircraft and provided ongoing order book management support.
Financing Mandates: The firm secured financing for two A320neo and two A330neo aircraft for an EMEA flag carrier in Q1 2024 and has advised on sale-and-leaseback financing for new 737 MAX aircraft. The January 2026 launch of SkyLight Aero Finance Holdings DAC, a $1 billion lending platform, marks their expansion into direct lending.
Process & Fee Structure
SkyWorks runs highly specialized aviation processes:
Aircraft Acquisition & Order Campaigns: The firm designs earnings-maximizing fleet strategies and advises on new aircraft orders with all major airframe and engine manufacturers. Their process involves detailed aircraft selection, negotiation with OEMs, and strategic timing of order placements.
Financing & Capital Raising: As the largest independent arranger of private market commercial aircraft financings, SkyWorks maintains relationships across all major financing channels. Their securities-related activities are conducted through SkyWorks Securities, LLC, which is registered with FINRA and the SEC.
Restructuring Advisory: The firm has assisted airlines, lessors, and bondholders with restructuring financial commitments in both consensual and in-court proceedings. Notably, they led the fleet restructuring for American Airlines during its 2011 bankruptcy and Aeromexico's 2020 restructuring.
Fee structures vary by engagement type: successful closing bonuses, financing arrangement fees, ongoing asset management fees for leased portfolios, and monthly retainer arrangements for ongoing advisory work.
Buyer Network
SkyWorks maintains relationships across the aviation ecosystem:
Airlines: The firm works with network carriers, low-cost carriers, and regional airlines globally. Recent engagements include American Airlines, Aeromexico, Copa Airlines, Bangkok Airways, and multiple Asia-Pacific and EMEA carriers.
Aircraft Lessors: Through Sierra Echo and direct client relationships, SkyWorks is embedded in the global leasing community. They've sold aircraft to Aergo Capital and managed remarketing campaigns for institutional investors.
Institutional Investors: The LuminArx partnership and SkyLight platform provide access to institutional capital seeking aviation exposure. The firm advises investment firms on aircraft acquisitions and portfolio strategy.
OEMs & Engine Manufacturers: SkyWorks maintains relationships with Airbus, Boeing, CFM, and other manufacturers, enabling them to negotiate favorable terms for clients.
Competitive Positioning
SkyWorks differentiates through:
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Pure Aviation Focus: Unlike generalist investment banks, SkyWorks operates exclusively in aviation, allowing deeper technical expertise and industry relationships.
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Full Lifecycle Capability: From aircraft sourcing and financing through operations, restructuring, and eventual disposition, the firm supports clients across the entire aircraft lifecycle.
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Global Footprint with Local Presence: Offices in Greenwich, CT, Dublin, and Singapore provide 24-hour coverage across time zones and proximity to major aviation markets.
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Technical Integration: In-house technical capabilities (engine maintenance expertise, aircraft specification management, transition management) are integrated with financial advisory.
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Platform Approach: The combination of advisory (SkyWorks Capital), broker-dealer (SkyWorks Securities), leasing (Sierra Echo), lending (SkyLight), and consulting (SkyWorks/IPG) creates a comprehensive solution set.
Not a Fit If
SkyWorks typically declines engagements outside commercial aviation (business jets, general aviation, non-aviation sectors) and very small aircraft transactions where their specialized expertise doesn't justify their fees. They also avoid transactions lacking clear strategic rationale or where conflicts of interest exist with existing client relationships.
Team
The leadership team combines deep aviation experience with investment banking credentials:
Thomas Mahr, Chairman: 30+ years in airline management, investment banking, and leasing. Co-led development of Seabury Group's aviation investment banking practice. Previously at Fieldstone Private Capital Group and Texas Air Corporation.
Matthew Landess, CEO: 27+ years advising airlines and structuring aircraft-backed transactions. Led American Airlines' 2011 fleet restructuring and Aeromexico's 2020 restructuring. Sourced fleet for Sierra Echo Aircraft Leasing.
Jeff Craine, CFO & CEO of SkyWorks Securities: Co-founder with 27-year career. Has raised over $25 billion in financing, been involved in $20+ billion in aircraft acquisitions, and managed major restructuring projects.
Steven Gaal, COO: Co-founder with 25+ years experience. Responsible for day-to-day management and research/analytics. Previously co-founded The Seabury Group.
Anders Hebrand, Chief Commercial Officer: 30+ years in aircraft finance, leasing, and asset management. Has originated $1+ billion in aircraft-backed loans and been involved in 200+ aircraft investment and placement decisions.
The firm's 27 professionals average 15-20 years of aviation experience, with backgrounds spanning airline management (American, United, Continental), aircraft leasing (CIT Aerospace, ILFC, Babcock & Brown), and investment banking.
Geographic Coverage
Primary operations in the United States with offices in Greenwich, CT. International presence through Dublin (serving Europe and the Americas) and Singapore (serving Asia-Pacific). The firm advises clients globally, with recent engagements in North America, Latin America, Europe, and Asia-Pacific.