The majority owner of aircraft maintenance and part supplier AerSale (NASDAQ: ASLE) is selling down its stake. The stock is falling on the news, down more than 11% on Wednesday morning.

AerSale maintains planes and engines, is a distributor of spare parts, and provides aircraft and engine sales and leasing services. The company had been owned by private equity firm Leonard Green & Partners but went public in late 2020 via a merger with special purpose acquisition company (SPAC) Monocle Acquisition.

Leonard Green kept a substantial interest in AerSale after the merger but is now moving to monetize some of that stake. Late Tuesday, AerSale announced the pricing of a 4.25-million share secondary offering, with the private equity giant as the primary seller.

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Source Fool.com