Minnesota Airline Sold To New York Investment Firm

TWIN CITIES, MN — Brothers Marty and Mitch Davis, the local owners of Minnesota-based Sun Country Airlines, have sold the company to an investment firm based in New York. Apollo Global Management bought the airline for an undisclosed amount of money, the airline announced Thursday.

The deal is expected to be completed in the first quarter of 2018. The company headquarters will remain in Minnesota, reports the Star Tribune.

“We are tremendously excited about the acquisition of Sun Country,” Antoine Munfakh, Partner at Apollo, said in a statement. “Sun Country presents compelling opportunities for innovation, efficiency and growth.”

Also read: Sun Country Airlines To Name Each Plane After Minnesota Lake

Sun Country specializes in flying from cold weather locations to warm weather destinations. It flies approximately 2.5 million passengers each year.

Jude Bricker, who will remain as CEO of Sun Country, said: “I'd like to thank Marty and Mitch for their strong support and stewardship of this very special airline. I look forward to working with Apollo to further enhance and grow Sun Country’s business.”

Marty Davis said they were happy to sell Sun Country to Apollo because the firm has "a proven track record for successfully helping companies grow and generate long-term value."

"With Jude at the helm, along with the dedicated employees who make Sun Country what it is today, we are confident the company is well-positioned for continued expansion and its evolution beyond its Minnesota base," he added.

Sun Country is the largest privately-held fully independent airline in the United States. The airline was founded in 1982 by a group of Twin Cities pilots and flight attendants. Its maiden flight was between Sioux Falls and Las Vegas, according to the company's website.

Photo credit: AP Photo/Jim Mone