Avianca Holdings S.A., the company that combines multiple Latin American airlines under its single Avianca brand, recently announced that it is signing a definitive agreement pursuant with Advent International, one of the biggest, most experienced worldwide private equity investors.
“We are happy to welcome Advent as our new partner in LifeMiles B.V,”
Avianca Holdings S.A.
Chief Executive Officer Fabio Villegas said. “This transaction concludes a thorough evaluation process which allowed us to choose Advent as our ideal partner. Their solid understanding of the loyalty industry and verticals in which LifeMiles operates makes them an excellent long-term partner for the Company. We believe Advent has the right team to help us ensure LifeMiles reaches its full potential, and we look forward to working with them to capture additional opportunities that will benefit customers, commercial partners, and our shareholders.”
According to the agreement, Advent is to acquire 30 percent of the minority shareholding interest from LifeMiles B.V., a standalone subsidiary of Avianca. In return, Avianca will acquire $343.7 million in proceeds as well as 70 percent of its shareholding interest in LifeMiles B.V.
“LifeMiles is a strongly positioned business supported by its partnership with Avianca with an innovative set of products and services that appeal to partners and consumers,” Mauricio Salgar, a managing director in Advent’s Bogotá office, said. “We are pleased to partner with Avianca Holdings S.A. in supporting LifeMiles´ talented management team as they pursue growth objectives for the business.”
Mario Malta, a managing director in Advent’s São Paulo office, said LifeMiles will benefit from the fundamental trends in Colombia and other key markets, including continued growth in consumer spending, travel and credit card use.”
“We look forward to sharing our retail, and financial services sector expertise and leveraging our network to accelerate the company’s growth,” Malta said.
