Mesa Air Group, Inc. (NASDAQ: MESA) today announced it has entered into a conditional agreement with Gramercy Associates Ltd. based in London, England to develop a European based joint venture. The joint venture will apply for a new Air Operator’s Certificate (AOC) in the European Union using CRJ-900 aircraft with the goal of introducing a Capacity Purchase Agreement or ACMI (Aircraft, Crew, Maintenance, and Insurance) in passenger or cargo services in Europe. Gramercy Associates is headed by Tony Davis, former CEO of Tiger Airways and bmibaby.
Under the agreement, Mesa will own 49% of the partnership once the Air Operator’s Certificate is obtained. The current plan is to begin operations by the end of 2021.
“We are very excited at the potential to expand our regional business overseas. As Mesa continues to diversify, we are looking forward to working with Gramercy on this new European venture,” said Jonathan Ornstein, Chairman and Chief Executive Officer.
“We are looking forward to teaming up with Mesa to help bring the CPA and ACMI models that have been so successful in the US to Europe,” said Tony Davis, Managing Director of Gramercy.