Bain Capital to Become New Owner of Virgin Australia as Carrier Prepares for Relaunch
The Virgin Australia Group announced today that the carrier’s Administrators have entered into an agreement with Bain Capital who are to become the airline’s new owners. The Group will work closely with Bain Capital as they outline their vision for the future.
On Friday, the Virgin Australia Group announced that the carrier’s Administrators have entered into an agreement with Ban Capital who are to become the airline’s new owners. The Group will now work closely with Bain as they outline their vision for the carrier’s future and prepare to relaunch scheduled services. In Friday’s announcement, Virgin Australia’s Group Chief Executive Officer and Managing Director, Paul Scurrah said,
“This is a great day for Virgin Australia and a huge milestone as we move forward with Bain Capital. Bain Capital has spent many hours over the past weeks speaking to us and getting a deep understanding of our business and working to secure a deal with our administrators. We know they are committed to investing in the airline and we are thrilled to be working with them into the future. It was always the goal to bring our airline out of administration as quickly as possible in a stronger position and this announcement brings us a step closer to that. Bain’s investment will cement our future as a major Australian carrier, secure thousands of direct and indirect jobs, and ensure we can continue to bring competition to millions of customers for many years to come. We thank our customers and partners for their loyalty and support during such a challenging period. Australia needs a second airline and, with the significant backing of Bain Capital, we’ll continue to serve our customers with competitive fares and high-quality air travel in the future. We also thank Deloitte partners John Grieg, Sal Algeri, Richard Hughes and Vaughan Strawbridge, and the teams at Morgan Stanley, Clayton Utz and Houlihan Lokey for their work getting us to this point.”
Founded in 1984, Bain Capital is one of the world’s leading multi-asset investment firms with approximately $100 billion in assets under management. The firm pioneered a consulting-based approach to private equity investing, partnering closely with management teams to build great businesses and improve operations.
Source(s): Virgin Australia Group, Bain Capital