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.
The Beechcraft HS 125-700/800 series aircraft has been added to Arcadia Aviation’s FAA Part 145 repair station license. Earlier this year the company added the Israeli Aircraft Industries Westwind 1124 and 1124A series when Mike Harvey, a former IAI field service representative who currently sits on the manufacturer’s advisory panel, joined Arcadia’s maintenance team as director of Westwind Technical Services.