Calgary, December 20, 2018 – An investor group led by Tim Morgan, today announced that it will launch a Canadian ultra-low-cost-carrier (ULCC) service in 2019, bringing affordable, low-cost air travel to millions of Canadians by this time next year.
Backed by significant financial commitments from a consortium of Canadian investors, Enerjet, a licensed Canadian carrier, will be rebranded, expanded and transformed into an affordable air-travel choice for Canadian travelers. This Canadian ULCC will offer a simple, ultra-low-cost fare structure and an extensive network of destinations across Canada and into the US. Terms of the transaction, which closed today, were not disclosed.
“We believe there are millions of Canadians who would jump at the chance to have a simple, safe, and affordable alternative to the sky-high costs of air travel,” said Mr. Morgan, who will serve as Chief Executive Officer. “We are extremely pleased to have the backing of leading Canadian investors. Together, this group has the financial capacity, experience, and operating expertise to transform Enerjet into a world-class, ultra-low-cost airline that will bring increased choice and competition to the Canadian market.”
As a co-founder, former director and former chief operating officer at WestJet, Canada’s second-largest airline, Mr. Morgan has deep expertise and experience in the Canadian aviation market and is well-respected by aviation professionals, industry partners, and regulators.
Enerjet is a licensed Canadian charter airline based in Calgary that commenced operations with Boeing 737 Next Generation aircraft in November of 2008.
About the Investor Group
The investor group is led by a consortium of established Canadian investors. In addition to Tim Morgan, the consortium includes TorQuest Partners, one of Canada’s leading mid-market private equity firms, Claridge Inc. and Stephenson Management Inc.
403-237-2388, extension 381