Dublin and Fort Lauderdale-based Zephyrus Aviation Capital has hired two ex-CIT Aerospace executives to its top management roles and is acquiring 21 aircraft, with plans for further expansion.

Zephyrus Aviation Capital is the aviation business of US-based Virgo Investment Group, which has been investing in aviation since 2010. Zephyrus specializes in older aircraft, as well as engine leasing and trading.

In a statement issued Sept. 20, Virgo Investment Group said Zephyrus is completing the acquisition of a fleet of 21 older, predominantly narrowbody, leased aircraft and actively pursuing additional acquisitions.

Virgo also said it plans to turn Zephyrus into a “full-service platform,” under the leadership of former CIT Aerospace president Tony Diaz and former CIT Aerospace CCO Damon D’Agostino.

“[Diaz and D’Agostino], who previously worked together for over 20 years, have joined the company as chairman and president & CEO, respectively. Along with two other former CIT colleagues, the team will lead the next phase of development and growth of the Zephyrus enterprise,” Virgo said.

D’Agostino said older and end-of-life aircraft leasing and trading “plays to our strengths and historic experience.”

Zephyrus has completed over 850 aircraft sales, leases and deliveries over the past decade. Virgo said the company is looking to further-capitalize on growth within the sector, describing it as a “robust market opportunity.”

“We are actively pursuing a pipeline of opportunities with both lessors and airlines, many of whom are old friends,” Diaz said.

Seabury Capital Group, which is advising Zephyrus on the aircraft acquisition, is a minority equity stakeholder in Virgo.

Victoria Moores victoria.moores@informa.com