Arcadia Buys Wayfarer
Arcadia Aviation has purchased some of the assets of Wayfarer Aviation after supplying bridge financing to keep the company going folling its brief closure late last week. "Ending speculation about the future of Wayfarer, on Friday June 11, Arcadia Aviation provided bridge financing to Wayfarer to ensure the continuation of uninterrupted service in advance of the signing of the purchase agreement," Arcadia said in a news release issued Tuesday. Most Wayfarer employees were let go last week, but prospects look better for them now that the deal is complete.
Arcadia will keep Wayfarer's Weymouth, Mass., base as an operations center and integrate it into its existing network of facilities, which include FBOs in the New York and Washington areas. The head office will remain in New York City. Terms of the deal were not disclosed. "We have closely followed the Wayfarer operation for years, harkening back to its TAG Aviation roots," said Robert Garrett Jr., president of Arcadia Aviation. "Many of our employees have worked side by side with the Wayfarer team in previous jobs. We view the acquisition as an extraordinary opportunity both for our company to grow but more importantly to preserve one of the industry's great companies that over the years has come to define the standard of operational excellence and a commitment to safety beyond all else."