PaCap Aviation Finance and Malama Investments now own the controlling interest in Island Air, keeping the airline under local control. The two investment companies are managed by PacifiCap, a Honolulu-based venture capital investment firm.
Jeffrey Au, the founder of PacifiCap, said the firm is “thrilled” to be part of turning around Island Air as it purchases new aircraft and focuses on increasing interisland service for local residents. In a press statement Au said, “We believe that having local owners and managers will allow us to provide the kind of reliability, seat availability, and service that our fellow kama’aina (Hawaiian residents) deserve.”
Island Air executives praised the move, noting that local ownership should serve the airline well. PacifiCap will work with Larry Ellison and Ohana Airline Holdings, which will keep its non-controlling interest in the airline and work with its new owners on improvements.
Island Air CEO Dave Pflieger anticipates that the partnership will help the airline grow in key interisland markets and create more jobs. The airline now employs about 250 people.
About David Pflieger
David Pflieger - Senior Airline Executive