Once the transaction is in place, founders of the airlines will continue to hold a majority of the equity of the business and ImagineAir management will direct its day-to-day operations. The merger represents a big move in the air taxi industry.
“Kavoo brought significant market share of the North East and ImagineAir, which is very established in the South East, has innovative technology that lowers the cost of operations and improves efficiencies dramatically,” said Dennis Hoffman, managing partner of Wellrock, “This is an industry-changing merger. And we’re very excited to play a part in the accelerating growth of ImagineAir.”
“ImagineAir is making personal aviation more affordable than anyone thought possible,” said Ben Hamilton, CEO of ImagineAir.
“ImagineAir can replace a six hour drive with a 50 minute flight,” Hoffman said, “It’s like they invented a time machine.”