Passaredo prepares admission of new partners in the capital
Valor Econômico
After suspending its operation between 2002 and 2004 because of a financial crisis, Passaredo Linhas Aéreas negotiates the sale of part of its capital and intends to double its size The regional company of São Paulo, founded in 1995 by the group of road passenger transportation that takes the same name, has been having conversations with a Brazilian investment fund and a foreign airline, says its president, José Luiz Felício Filho,
The negotiation should be concluded by the end of 2010. The names of the potential investors, however, were kept in secret by the executive, son of the founder of the Passaredo group, José Luiz Felício. "Brazil, with the possibility of opening from 20% to 49% the participation of foreign capital in the sector, creates a natural trend of the foreign airlines to invest here", says Felício Filho, better known as Captain Felício.
While he negotiates with possible future investors, yesterday Passaredo announced a US$ 90 million investment in order to practically double its size. The resources will be financed by airplane leasing companies for the acquisition of up to eight ERJ 145 Embraer jets, for 50 passengers. The current fleet of the company has 10 planes, six of which are Brasília turboprop aircrafts, also made by Embraer, with capacity for 30 passengers, and four ERJ 145. The money will also be used in the increase of its infrastructure (hangars and check-in counters, for instance).
In September, Passaredo was responsible for 0.38% of the regular flights operated in the domestic market and foresees a volume of 430 thousand boarded passengers in 2009. With the investments in infrastructure and the new jets, Felício Filho estimates the share of the company will go up to 0.7% or nearly 1 million people transported next year.
Currently, Passaredo flies to 17 destinations, mainly between municipalities of the interior of São Paulo, with 76 daily flights. Until the end of 2010, the company plans to serve 25 cities, including the Brazilian Northeast, through 130 daily flights. Passaredo and Trip lead the regional aviation that, in September, registered an increase of 41.3% in the flow of transported passengers in the country, compared to the same period of 2008. This growth is more than the double of the performance of the TAM and Gol duopoly, of 20.6%, and is only behind the 193% of growth of OceanAir, Webjet and Azul.