Indigo Partners invested enough money in
Spirit for a controlling interest in the privately held airline,
and the equity funds managing partner -- former America West
chairman and CEO Bill Franke -- became the airlines chairman.
Spirit would not
disclose the amount of the strategic investment it received this
month from Indigo Partners and funds managed by Oaktree Capital
Management.
But the amount
must have been substantial, at least from Indigo, for it to get a
controlling interest; Los Angeles-based Oaktree invested $125
million in Spirit in 
February 2004 for a 51%
share and tens of millions more last year to help Spirit accelerate
its transition to an all-Airbus fleet.
Indigo Partners,
with offices in Phoenix and Singapore, focuses primarily on
investments in transportation, airlines and airline-related
sectors, including low-cost carriers Tiger Airways in Singapore and
WizzAir in Poland and Hungary.
Franke, former
chairman and CEO of America West from 1994 to 2000, became chairman
of Spirit as of July 13. Franke also is chairman of Tiger, as well
as managing partner of Newbridge Latin America, a private equity
fund that invests in that region.
Ben Baldanza
remains Spirits president and CEO, and Franke said he expects
Spirit to remain on its present strategic course.
Spirit is well
positioned to capture growth opportunities in the Caribbean and
Latin America, which will remain the cornerstones of Spirits
business and the foundation of the airlines future growth, Franke
said.
To contact reporter Andrew Compart, send e-mail to [email protected].