Eagan, Minnesota,Dec. 14, 2017(GLOBE NEWSWIRE) --
Funds affiliated with Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO) today announced that they have signed a definitive agreement to acquire Sun Country Airlines (“Sun Country” or the “Company”), the largest privately-held fully independent airline in the United States, from brothers Marty and Mitch Davis. The transaction, which is subject to regulatory approvals and other customary conditions, is targeted to close during the first quarter of 2018. Terms of the deal were not disclosed.
Sun Country, based in Minnesota, flies passengers to leisure destinations across the U.S. and internationally and specializes in flying from cold weather locales to warm weather destinations. The Company, which currently flies approximately 2.5 million passengers per year, enjoys significant brand presence in the Minnesota region and greatly values its connection to the local community.
“We are tremendously excited about the acquisition of Sun Country,” said Antoine Munfakh, Partner at Apollo. “Sun Country presents compelling opportunities for innovation, efficiency and growth. Underpinned by a solid foundation of assets and people, including an outstanding team of executives and talented flight crews, we believe Sun Country has a very bright future. We look forward to supporting CEO Jude Bricker in delivering the next chapter of Sun Country’s growth through the combination of operational excellence and the relentless pursuit of delivering customer service and value.”
Jude Bricker, who will remain as CEO of Sun Country, said: “I'd like to thank Marty and Mitch for their strong support and stewardship of this very special airline. I look forward to working with Apollo to further enhance and grow Sun Country’s business.”
Sun Country Chairman Marty Davis 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. 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.”
Barclays served as financial adviser to Sun Country Airlines on this transaction.
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About Sun Country Airlines
Sun Country Airlines is a privately-held, Minnesota company based in the Twin Cities of Minneapolis/St. Paul. The award-winning airline is a leader in leisure travel flying to over 40 popular destinations across the U.S., Mexico, Costa Rica and the Caribbean, having earned a reputation for offering world-class service at an affordable price. Minnesota’s Hometown Airline™ also offers services from its Sun Country Charters and Sun Country Vacations divisions. For more information, visit suncountry.com.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4a89a198-339a-43e5-859c-b75c7fc0c7e6
Kelsey Dodson-Smith Sun Country 651-681-3955 Kelsey.DodsonSmith@suncountry.com
Source: Sun Country