ETHOS ASSET MANAGEMENT INC USA, announced a new long-term financing partnership with TAR Aerolíneas and has committed to providing significant capital infusion that will continue for several years.
Carlos Santos, CEO of Ethos Asset Management Inc, stated,
«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. With little competition in the domestic regional market, the regional market is attractive, underserved and difficult for other operators to access. The gap between supply and demand in the regional market is large and has widened as a result of the pandemic. With more 150-seat aircraft and a highly concentrated market, there is a gap in the strategy of major airlines that regional airlines can fill. 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.»
Ricardo Baston, CEO, TAR Aerolíneas, stated,
«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.
Ethos Asset Management as leading investment firm, with a strong track record of success, in supporting the expansion of entities in a diverse industry base business. There is no doubt that Ethos expertise in their field, together with a robust business understanding of aviation make them our partner of choice, when looking at achieving our goals and growth objectives.
We are excited about the potential of this partnership, and I look forward to working with Ethos Asset Management to help us achieve our goals. Together, we can make a difference in the future of aviation in México.
I am confident that this partnership will be a success, and I look forward to seeing our airline continue to grow and prosper.»
Hans Kastensmith, Executive Director, North and Central America, Ethos Asset Management Inc., stated,
«I am very pleased to see the Mexican market for Ethos come alive with such an impressive partnership between Ethos and TAR. 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.»
Roberto Suarez Espinoza, Associate, Mexico, Ethos Asset Management Inc., stated,
«It is an absolute joy to have the opportunity to work with great people and good friends: I am grateful to have been able to be part of this transaction. The Mexican airline industry needs a consolidated 4th player to engage in further competition and bring greater health to a starved market. I’d like to thank Miguel, Ricardo and Alberto at TAR for their trust in me and Ethos for their financing needs: as well as Carlos and Hans within Ethos in all their support and trust during this process.»
