US Firm Takes Control as Lead Investor in Argentina’s Flybondi
Low-cost airline Flybondi gains a new lead investor: COC Global Enterprise, a U.S.-based fund focused on technology and private aviation. The firm will chair the Board and plans to expand the airline’s routes and fleet. The move comes amid ongoing operational challenges and financial pressures.
COC Global Enterprise, a U.S.-based investment firm, has become the main investor in Flybondi, the low-cost airline operating in Argentina and Brazil, as part of a strategy aimed at stabilizing the company’s finances and expanding its regional operations.
The private equity fund, focused on technology and private aviation, will now lead Flybondi’s Board of Directors by placing representatives in the roles of Chairman and Vice Chairman. According to the company, Cartesian Capital Group will remain a shareholder and continue to hold a seat on the board.
The transaction, according to COC, signals the beginning of a new phase that will ensure the continuity of employment—Flybondi currently employs 1,525 people—and revive growth plans in both domestic and regional markets.
The company stated that one of the key goals is to strengthen its operational network by adding new aircraft and expanding flight routes, working in coordination with authorities and industry stakeholders.
Flybondi has been dealing with serious punctuality issues over the past two years, largely stemming from delays in spare parts delivery caused by currency access restrictions under the previous Kirchnerist administration. The situation has not significantly improved, raising concerns of potential long-term reputational damage.
“The vision of COC Global to invest in high-potential companies aligned with the principles of innovation and sustainability is a very valuable support for Flybondi and for this great team of 1,525 people” said Mauricio Sana, CEO of the airline.
He added, “We have big plans for this new stage. It's an opportunity to keep transforming the airline industry, focus on consolidating our service and value proposition. We want the freedom to fly to keep connecting the country.”
Founded in 2016, Flybondi began operations in 2018 and has since transported over 15 million passengers, according to company data. Its model aims to foster new markets and greater connectivity, mainly within Argentina and with Brazil.
COC Global Enterprise, meanwhile, is a strategic investment firm with about 6,500 employees in the region and significant experience in charter flight management and airport services. Its fleet of 17 owned and managed aircraft currently operates across three continents. The firm also provides services at Opa Locka Airport (Miami) and Teterboro Airport (New Jersey), the latter being the busiest private aviation hub in the U.S.
AUTOR
Contando la aviación desde marzo del año 2000. Fundador y Managing Editor de Aviacionline. Base: ROS Origen: RES
Comentarios
Para comentar, debés estar registrado
Por favor, iniciá sesión