Step back and it’s plain to see the cradle, grave and the in between: From the cradle, a client can start with a simple short-term rental (three-12 months). The client could continue to rent or convert the rental to a longer term lease (12-84 months). Later, another client trades-in old equipment to upgrade to new. In the meantime, a trade-in heads to refurbishment where it will be put back into Somerset’s rental program for rent, lease or sale. The grave? Simply put, Somerset can dispose of excess GSE.
“The ground support industry is a very global business,” Long says. “We’re constantly looking at new opportunities literally all over the world. One of our major accounts since our inception is a global ground handling company. We started out with our U.S. lease, and then expanded into Canada and into the UK in 2011. Now we are looking to expand our relationship into Germany.”
Somerset opened its UK subsidiary in early 2012. “We looked at our UK sub as sort of our gateway into Europe. One of our initial deals was to provide a pushback to a general aviation company in the UK to work with the overflow of aircraft during the 2012 Summer Olympics.”
When we last spoke with Long and Crump they were working on a major transaction in Singapore. Long adds: “It gets confusing sometimes, I work in New Jersey. We do business on the west coast, which is three hours time behind us so my day goes way past 5 p.m. Then, I wake up in the morning and our European clients are already well into their day.”
Somerset has financing capabilities throughout the United States, Canada, most of Europe, parts of Asia (Japan and Singapore) and Australia. “Our parent company has established global operating subsidiaries in Canada, UK and Singapore so our global capabilities are a good fit with the industry. It’s nice to have a company with assets approaching $1 billion standing behind us.” Long says.
Deal further expands Somerset’s capabilities to service its clients with short-term rentals of new and used GSE