Ethos Asset Management announced a new long-term financing partnership with TAR Aerolíneas and has committed to providing significant capital infusion that will continue for several years.
Commenting on the deal, Carlos Santos, chief executive, Ethos Asset Management said: “It's an absolute honor to be partnering with an innovative company from Mexico's aviation industry where the domestic regional market presents a double-digit growth opportunity. Taking advantage of market opportunities led TAR to be the fastest growing airline and the leader in the regional market. The team from TAR Aerolíneas led by dynamic CEO, Ricardo Baston, an experienced aviation sector professional and Miguel Angel Franco Hernandez, Chairman of the Board, were very impressive with their expertise, vision and achievements to date that our decision to invest in their next phase of growth was sealed."
TAR Aerolíneas is a 100% Mexican equity ownership regional airline; which started commercial operations in March 2014, currently operating 18 domestic destinations; and internationally, through charter services covering the USA and the Caribbean.
Ricardo Baston, chief executive, TAR Aerolíneas, added: “We, at TAR, are very pleased to be partnering with solid financial entity such as Ethos Asset Management, to address the opportunity that the Mexican regional aviation market presents; via a loan facility which will enable TAR to strengthen its market position and providing the financial by resources to expand TAR's footprint in the market. This partnership represents a major boost in the future of our airline, and I am confident that it will be a success. I am confident that this partnership will be a success, and I look forward to seeing our airline continue to grow and prosper."
"I am very pleased to see the Mexican Market for Ethos come alive with such an impressive partnership between Ethos and TAR,” commented Hans Kastensmith, executive director, North and Central America, Ethos Asset Management. “Mexico figures greatly into our growth strategy in the region and we see great things on the horizon in the coming weeks, months, and years. I would like to thank both the Ethos and TAR teams for their dedication in making this deal a reality.