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Silver Airways completes recapitalization

Silver Airways last week announced that it has completed its strategic review process, and an affiliate of Philadelphia-based private equity firm Versa Capital Management, LLC is now the controlling equity holder of the airline. 

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SilverAirways
Monday, September 19, 2016
Monday, September 19, 2016

Silver AirwaysFort Lauderdale, Fla. September 2016 (SilverAirways) – Silver Airways, which operates more flights in Florida and between Florida and The Bahamas than any other airline, recently announced that it has completed its previously announced strategic review process, and an affiliate of Philadelphia-based private equity firm Versa Capital Management, LLC is now the controlling equity holder of the airline.


CEO Sami Teittinen“This is yet another significant milestone for our young airline. As the carrier of choice for Florida and Bahamas, Silver Airways and our team of dedicated professionals have been focused on providing safe, reliable and customer-focused service while growing the network. 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,” said Silver Airways President and CEO Sami Teittinen [pictured]. “With fresh capital and a newly strengthened balance sheet, Silver Airways now has the resources to take advantage of its robust set of opportunities.”

Jason Bewley“We are pleased to announce that the strategic review process we began nine months ago has been successfully completed,” said Silver’s CFO and Executive Vice President Jason Bewley [pictured]. “The recapitalization of Silver Airways will provide our company the financial strength and resources needed to expand into Cuba and beyond. This is a very important step in the continuing evolution of Silver and we are excited for the opportunities that lie ahead.”

Jason BewleyVersa Capital Chairman and CEO Gregory L. Segall [pictured] stated: “We welcome this opportunity to work with Sami and the Silver team as they move forward with their growth initiatives. 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.”

The Caribbean region saw 28.7 million visitors in 2015, an increase of 7 per cent over 2014 and a record in terms of number of arrivals to the region, according to the outgoing chairman of the Caribbean Tourism Organization. At present, 2016 is pacing ahead of 2015 and for the first time the region is likely to see 30 million visitors.

The eleventh Nassau Conference is scheduled for later this week at the Meliá Nassau Beach Resort under the theme Strengthening Our Competitiveness.

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