Miami-based investment firm has acquired a 25% equity stake in ULCC Carrier
Edmonton, Alberta, April 02, 2019 (GLOBE NEWSWIRE) — Edmonton, AB, Canada, April 1, 2019 – Flair Airlines(“Flair”), Canada’s only independent ultra low-cost carrier (ULCC), announced that Miami-based investment firm 777 Partners(“777”) has acquired a 25 percent equity stake in the airline for an undisclosed sum. This commitment reflects the significant opportunity for disruption that Flair and 777 see in Canada’s duopolistic marketplace.
“The aviation sector continues to be ripe for innovation and Flair is well-equipped to provide affordable airfare for Canada’s underserved market,” said Steve Pasko, Co-Founder and Managing Partner of 777 Partners. “Despite having a strong potential market for ULCCs, Canada lags behind the rest of the world in this space. Through this investment, we want to create a viable alternative for consumers in the region, who have faced a lack of air transportation choice until now.”
Originally founded as a charter airline in 2005, Flair transitioned into a full commercial airline operation in 2017 to create a fairer and more equitable airfare environment for all travelers. Having recently undergone a major re-brand, the organization receives its first Boeing 737-800 NG sporting the airline’s new-look livery this week.
“The financial strength of 777 Partners ensures that Flair is in a stronger position to compete and continue on our strong trajectory for domestic growth while meeting the clear demand for ULCC airline options in Canada,” said Jim Scott, CEO of Flair Airlines. “This significant investment comes at an exciting time for Flair. Building on the almost one million passengers we have carried in the last 12 months, Flair is leveraging 777’s expertise in the aviation sector to continue scaling our operations, as evidenced by plans to introduce four new airplanes to our fleet this year.”
777 Partners is an active ‘buy-and-build’ investor that manages high-growth companies within a long-term portfolio. The firm capitalizes innovative opportunities in niche, overlooked markets that will benefit from its ‘Shared Services’ model, a collaborative ecosystem between its portfolio companies that increases productivity and reduces business expenditure. The ecosystem provides efficiencies across staffing, back-office management, vendor negotiation and supplier management.