South Korean LCC Fly Gangwon is up for sale

LCC Fly Gangwon, which suffered from business difficulties due over the last few years, has been put up for sale.

The carrier has recently selected Samjeong KPMG and KR&Partners as co-organizers and is proceeding with attracting external funds including a change in management rights.

The fundraising will be carried out in the form of issuing new shares. Currently, it is reported that large corporations and strategic investors  are considering investing.

The largest shareholder is Joo Won-seok, CEO of Fly Gangwon, and affiliated company Ayum, who holds a 44.2% stake. The second largest shareholder is Seven Bridges Private Equity, a private equity fund with a 5.71% stake.

Fly Gangwon launched its first flight in November 2019, but it has suffered a crisis such as the suspension of international flights due to the pandemic in early 2020. In June 2022, the carrier resumed service on the Clark route in the Philippines. As a result, it is reported that sales and sales are increasing.

Air Premia, which obtained an LCC license at the same time as Fly Gangwon, is also seeking to sell.