enigma
good ol boy
- Joined
- Nov 26, 2001
- Posts
- 2,279
For those who don't read the interview bbs.
News Release:
SPIRIT AIRLINES OBTAINS $125M
FOR GROWTH AND NEW AIRCRAFT
Oaktree Capital Management leads Private Equity Investment
FORT LAUDERDALE, Fla. (February 23, 2004) Spirit Airlines announced today that it has received a $125 million equity investment from a group of new investors led by Oaktree Capital Management, LLC. Spirit is the 14th largest airline and the largest privately held airline in the U.S. The investment will be used primarily to finance the acquisition of new aircraft and to position Spirit for its continued growth as a leading value and service oriented low cost air carrier. Merrill Lynch & Co. acted as Spirit's exclusive financial advisor and placement agent on this transaction.
"We now have the financial support to elevate our industry-leading service by providing our customers with new aircraft, more time-saving technology, increased frequency and service to new destinations. Oaktree shares our vision of low fares and outstanding customer service and is our ideal partner for this important stage in our growth," said Jacob Schorr, president and chief executive officer of Spirit.
In the past five years, Spirit doubled its revenues to $450 million in 2003. During this period of extraordinary growth, Spirit made significant investments in its systems, technology, product and brand, all focused on improving customer service and satisfaction. In addition, Spirit developed state-of-the- art, proprietary reservation and departure control systems and initiated a new class of service, Spirit Plus. Spirit Plus offers business class leather seating with complimentary beverages and a snack.. During this time, Spirit also successfully introduced a new, easy to use website that currently accounts for approximately 60% of total bookings.
"With this investment, Spirit is now a well-financed low cost carrier with the ability to offer outstanding service and good value. Spirit has a strong management team, a strategic low cost business model and focus and the capitalization to be an industry leader. We are excited to participate in the next stage of Spirit's development and growth," said Ronald N. Beck, managing director of Oaktree Capital Management. Spirit is currently in discussions with aircraft manufacturers to acquire a substantial number of new narrowbody aircraft to both replace and expand its existing fleet. The company also expects to continue to invest in new technologies, including in-flight entertainment and facilities to provide value to its customers. The company will introduce e-service kiosks beginning in March. Quick Facts About Spirit Airlines
- Headquartered in Fort Lauderdale, Fla.
- Founded in 1990 in Eastpointe, Michigan
- Spirit Airlines is the largest privately-held airline in the
- Ranks as the 14th largest airline in the U.S.
- 115 flights daily to 16 cities
- 2,700 employees nationwide
- Fleet of 32 MD-80 aircraft
- Spirit's website is www.spiritair.com.
News Release:
SPIRIT AIRLINES OBTAINS $125M
FOR GROWTH AND NEW AIRCRAFT
Oaktree Capital Management leads Private Equity Investment
FORT LAUDERDALE, Fla. (February 23, 2004) Spirit Airlines announced today that it has received a $125 million equity investment from a group of new investors led by Oaktree Capital Management, LLC. Spirit is the 14th largest airline and the largest privately held airline in the U.S. The investment will be used primarily to finance the acquisition of new aircraft and to position Spirit for its continued growth as a leading value and service oriented low cost air carrier. Merrill Lynch & Co. acted as Spirit's exclusive financial advisor and placement agent on this transaction.
"We now have the financial support to elevate our industry-leading service by providing our customers with new aircraft, more time-saving technology, increased frequency and service to new destinations. Oaktree shares our vision of low fares and outstanding customer service and is our ideal partner for this important stage in our growth," said Jacob Schorr, president and chief executive officer of Spirit.
In the past five years, Spirit doubled its revenues to $450 million in 2003. During this period of extraordinary growth, Spirit made significant investments in its systems, technology, product and brand, all focused on improving customer service and satisfaction. In addition, Spirit developed state-of-the- art, proprietary reservation and departure control systems and initiated a new class of service, Spirit Plus. Spirit Plus offers business class leather seating with complimentary beverages and a snack.. During this time, Spirit also successfully introduced a new, easy to use website that currently accounts for approximately 60% of total bookings.
"With this investment, Spirit is now a well-financed low cost carrier with the ability to offer outstanding service and good value. Spirit has a strong management team, a strategic low cost business model and focus and the capitalization to be an industry leader. We are excited to participate in the next stage of Spirit's development and growth," said Ronald N. Beck, managing director of Oaktree Capital Management. Spirit is currently in discussions with aircraft manufacturers to acquire a substantial number of new narrowbody aircraft to both replace and expand its existing fleet. The company also expects to continue to invest in new technologies, including in-flight entertainment and facilities to provide value to its customers. The company will introduce e-service kiosks beginning in March. Quick Facts About Spirit Airlines
- Headquartered in Fort Lauderdale, Fla.
- Founded in 1990 in Eastpointe, Michigan
- Spirit Airlines is the largest privately-held airline in the
- Ranks as the 14th largest airline in the U.S.
- 115 flights daily to 16 cities
- 2,700 employees nationwide
- Fleet of 32 MD-80 aircraft
- Spirit's website is www.spiritair.com.
I realize that Denver's own Frontier Airlines is also doing well.
