MIAMI — Fort Lauderdale-based Silver Airways has announced last Tuesday that an affiliate of private equity firm Versa Capital Management LLC in Philadelphia has acquired a majority stake in the airline.
The change in the ownership follows a strategic review process the carrier undertook earlier this year, intended to assure the continuity of its growth and expansion plans.
“We are pleased to announce that the strategic review process we began nine months ago has been successfully completed,” said Jason Bewley, Silver’s chief financial officer and executive vice president, in a press statement. “This is a very important step in the continuing evolution of Silver, and we are excited for the opportunities that lie ahead.”
The financial terms of the deal were not revealed.
“This is yet another significant milestone for our young airline,” added Silver President and CEO Sami Teittinen. “Working with a strong partner such as Versa Capital Management will allow Silver to continue our longer-term growth plans and expansion deeper into the Caribbean, including our new operation to all nine Cuba destinations beyond Havana.”
Last September 1, Silver launched service between Fort Lauderdale and Santa Clara, making it the second U.S. carrier behind JetBlue to begin regularly scheduled service to Cuba in over five decades. By year’s end, Silver plans to serve eight more Cuban cities from Fort Lauderdale.
“With fresh capital and a newly strengthened balance sheet, Silver Airways now has the resources to take advantage of its robust set of opportunities,” Teittinen said.
According to Silver Airways, it currently averages over 120 daily flights to 26 destinations in Florida and the Bahamas, more than any other airline. It also serves the U.S. Mid-Atlantic region from Washington-Dulles.
“We welcome this opportunity to work with Sami and the Silver team as they move forward with their growth initiatives,” Versa Capital Chairman and CEO Gregory L. Segall said. “We share their vision for the company and believe that Silver Airways’ unique positioning in the airline industry offers U.S. customers travel opportunities not available elsewhere.”