Canada budget carrier Flair bags US investment
Canadian ultra-low-cost carrier Flair Airlines has gained a new key investor.
The airline has sold a 25% stake to Miami-based investment firm 777 Partners to help it compete better in the market.
The stake is the maximum allowed by a foreign entity under government rules.
By disclosing the new backer, Flair Airlines says it will give customers confidence in its ability to operate a viable business.
"We felt that the traveling public just doesn’t realize that we have a large firm behind us. That should give passengers comfort to be booking flights," said Flair CEO Jim Scott.
777 Partners said it sees an opportunity for an independent low-cost carrier to seriously compete with Canada’s big mainline airlines.
"We want to create a viable alternative for consumers in the region, who have faced a lack of air transportation choice until now," it said in a statement.
Flair is the first standalone ULCC in Canada and has faced intense competition from WestJet-owned Swoop which it accuses of predatory pricing.
Canada’s Competition Bureau is currently investigating these claims.
Flair says it plans to use some of the investment to upgrade its fleet to larger aircraft.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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