MIAMI — Ed Wegel, former Eastern Air Lines CEO, and Ray Sisson, have co-founded AVi8 Air Capital, a new commercial aircraft leasing firm to be headquartered in Dublin, Ireland, with a commercial office in Miami.

While Sisson will serve as the company’s Executive Chairman, Wegel will assume CEO duties. According to a press release, the company will focus on building its fleet with state-of-the-art narrowbodies, and is currently analyzing potential deals with several leading global investment banks.

“AVi8 is a new concept designed to take aircraft leasing to the next level: both the development of a strong, value-delivering portfolio of aircraft assets and the unparalleled solutions we will deliver to our airline customers,” Sisson said in a statement.

Sisson was formerly President and Chief Executive Officer of AWAS from 2010-2016. At the time of Mr. Sisson’s departure, AWAS was a leading, global aviation leasing company with a fleet of over 300 aircraft worth over $12.5 billion, serving over 110 airlines in 49 countries.

“Ray and I are both very proud to launch AVi8 Air Capital. We have worked together for years and knew that the time had come for a leasing platform built to drive value across the portfolio while providing executional and solutions excellence for the airlines we serve,” Ed Wegel commented.

Mr. Wegel joined AVi8 Air Capital from Eastern Air Lines Group, where he was founder and served as its President and CEO. Under his direction Eastern grew to a fleet of six Boeing 737-800s, and placed orders for 10 new Boeing 737 MAX and 20 new Mitsubishi MRJ-90s.