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Order HereChorus Aviation, the Halifax-based parent company of Canadian regional airline Jazz Aviation, has entered into an agreement to acquire North Bay, Ontario-based Voyageur Airways for C$80 million ($63 million).
Jazz operates the majority of Air Canada’s regional flying under a capacity purchase agreement, but Chorus has been looking for opportunities to broaden its business. Voyageur operates a fleet of 18 aircraft, a mix of Bombardier Dash 8-300s and CRJ200s, on medical, logistics and humanitarian flights primarily for governments and international non-governmental organizations (NGOs) in Canada, Africa and Central Asia.
Additionally, Voyageur performs aircraft modifications to prepare aircraft for specific missions. Chorus, which plans to remove 19 Dash 8-100s from its operating fleet by 2020 and is exploring leasing out those aircraft, indicated Voyageur could be utilized to perform modifications on Chorus aircraft to “help maximize” their value.
Chorus president and CEO Joe Randell called the acquisition of Voyageur “a logical extension of our existing contract flying business model,” adding that it “also provides a strong platform to generate incremental revenue through an expanding customer base both internationally and domestically.”
Chorus noted that Voyageur posted an adjusted EBITDA of nearly C$17 million in 2014. The transaction is expected to close in the second quarter of 2015. Max Shapiro, the current CEO and president of Voyageur, will continue leading the company after it becomes a Chorus subsidiary.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereChorus Aviation, the Halifax-based parent company of Canadian regional airline Jazz Aviation, has entered into an agreement to acquire North Bay, Ontario-based Voyageur Airways for C$80 million ($63 million).
Jazz operates the majority of Air Canada’s regional flying under a capacity purchase agreement, but Chorus has been looking for opportunities to broaden its business. Voyageur operates a fleet of 18 aircraft, a mix of Bombardier Dash 8-300s and CRJ200s, on medical, logistics and humanitarian flights primarily for governments and international non-governmental organizations (NGOs) in Canada, Africa and Central Asia.
Additionally, Voyageur performs aircraft modifications to prepare aircraft for specific missions. Chorus, which plans to remove 19 Dash 8-100s from its operating fleet by 2020 and is exploring leasing out those aircraft, indicated Voyageur could be utilized to perform modifications on Chorus aircraft to “help maximize” their value.
Chorus president and CEO Joe Randell called the acquisition of Voyageur “a logical extension of our existing contract flying business model,” adding that it “also provides a strong platform to generate incremental revenue through an expanding customer base both internationally and domestically.”
Chorus noted that Voyageur posted an adjusted EBITDA of nearly C$17 million in 2014. The transaction is expected to close in the second quarter of 2015. Max Shapiro, the current CEO and president of Voyageur, will continue leading the company after it becomes a Chorus subsidiary.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereChorus Aviation, the Halifax-based parent company of Canadian regional airline Jazz Aviation, has entered into an agreement to acquire North Bay, Ontario-based Voyageur Airways for C$80 million ($63 million).
Jazz operates the majority of Air Canada’s regional flying under a capacity purchase agreement, but Chorus has been looking for opportunities to broaden its business. Voyageur operates a fleet of 18 aircraft, a mix of Bombardier Dash 8-300s and CRJ200s, on medical, logistics and humanitarian flights primarily for governments and international non-governmental organizations (NGOs) in Canada, Africa and Central Asia.
Additionally, Voyageur performs aircraft modifications to prepare aircraft for specific missions. Chorus, which plans to remove 19 Dash 8-100s from its operating fleet by 2020 and is exploring leasing out those aircraft, indicated Voyageur could be utilized to perform modifications on Chorus aircraft to “help maximize” their value.
Chorus president and CEO Joe Randell called the acquisition of Voyageur “a logical extension of our existing contract flying business model,” adding that it “also provides a strong platform to generate incremental revenue through an expanding customer base both internationally and domestically.”
Chorus noted that Voyageur posted an adjusted EBITDA of nearly C$17 million in 2014. The transaction is expected to close in the second quarter of 2015. Max Shapiro, the current CEO and president of Voyageur, will continue leading the company after it becomes a Chorus subsidiary.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.