Arcadia Aviation this afternoon said it has signed a binding letter of intent to acquire certain assets and operations of Wayfarer Aviation, which was set to shut down last Friday. However, Arcadia provided bridge financing to allow uninterrupted continuation of Wayfarer’s services in advance of the signing of the purchase agreement. The deal announced today is subject to the execution of a definitive asset purchase agreement by both parties. Arcadia said Wayfarer’s operations team remains in place and plans to combine the two Argus Platinum-rated aircraft charter companies. “We view the acquisition as an extraordinary opportunity both for our company to grow and more importantly to preserve one of the industry’s great companies…[with] a commitment to safety beyond all else,” said Arcadia president Robert Garrett Jr. The combined company will be headquartered in New York, with an operations center in Weymouth, Mass.; FBO operations close to New York and Washington D.C.; and sales force in New York, D.C., Philadelphia, Chicago and Los Angeles. Garrett told AIN that the current plan is to operate the combined company under the Arcadia Aviation name.
Arcadia Emerges as Buyer for Wayfarer Aviation
- June 15, 2010, 12:47 PM