New York firm to acquire Sun Country Airlines
Sun Country Airlines is getting a new owner.
The Minnesota-based carrier is being acquired by New York City investment firm Apollo Global Management for an undisclosed sum.
Sun Country has been in the ownership of the Davis family, owners of Cambria Holdings, for the past six years and is the largest privately owned independent airline in the US.
The impending acquisition comes just months after Sun Country announced a daramtic shift to a low cost carrier business model.
It flies about 2.5 million passengers a year.
Sun Country’s headquarters will stay in Eagan and current CEO Jude Bricker will remain at the helm, the company said.
"We are particularly pleased to sell Sun Country to Apollo because it has a proven track record for successfully helping companies grow and generate long-term value," Sun Country Chairman Marty Davis said in statement.
"With Jude at the helm, along with the dedicated employees who make Sun Country what it is today, we are confident the company is well-positioned for continued expansion and its evolution beyond its Minnesota base."
The transaction is expected to close in early 2018.
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