FORT LAUDERDALE – Spirit Airlines completed a strategic investment led by Indigo Partners LLC and funds managed by Oaktree Capital Management, LLC.
The investment will provide significant resources for the Company to consolidate its position as the leading low cost carrier to the Caribbean and pursue its long-term growth strategy. Effective today, William A. Franke, Managing Partner of Indigo Partners, becomes Chairman of the Board of Spirit.
“We are excited about Indigo’s endorsement of Spirit’s low cost model and growth strategy, and Oaktree’s continuing support of our efforts,” said Ben Baldanza, President and Chief Executive Officer. “Indigo and Oaktree provide Spirit with significant industry experience and financial strength.
This new investment shows their commitment to Spirit’s success, reinforces its South Florida, Caribbean and Detroit strategy, and provides the resources for Spirit to continue to reduce costs and to accelerate our growth.”
“We have looked at the business plans of a number of U.S.-based low fare airlines and we are particularly attracted to the Spirit opportunity,” Bill Franke said. “It combines an experienced management team with a loyal work force to produce a very competitive product.
With its position in Ft. Lauderdale and its new, all-Airbus fleet, Spirit is well positioned to capture growth opportunities in the Caribbean and Latin America, which will remain the cornerstones of Spirit’s business and the foundation of the airline’s future growth.”
Franke has an extensive background in the airline industry and in Latin America, both as an investor and an executive. Prior to founding Indigo Partners, he was the Chairman and Chief Executive Officer of America West Airlines and he currently serves as the Chairman of Tiger Airways (Singapore) and WizzAir (Hungary), Indigo portfolio companies. He is also a Managing Partner of Newbridge Latin America, a private equity fund focused on investments in that region.
