Garden City, NY - Ardent Acquisition Corp. ("Ardent") announced recently it has entered into definitive agreements to acquire privately held Avantair, Inc. ("Avantair"). Avantair is provider of fractional ownerships of piloted aircraft for personal and business use, in addition to providing fixed base operation ("FBO") services according to company. Following consummation of the acquisition, Avantair's current management team will remain in place, joined by Barry Gordon, the current Chief Executive Officer of Ardent, who will become non-executive Chairman of the Board. In addition, it is intended that, upon consummation of the acquisition, Ardent will change its name to "Avantair" and will apply for a NASDAQ listing according to company sources.
Mr. Barry Gordon, Chairman and CEO of Ardent, stated, "We are extremely excited about this transaction as we believe Avantair operates in a unique space in the fractional aircraft market, bridging the gap between commercial aviation and traditional fractional ownership. The company, led by a strong management team, has had exceptional growth over the past three years and is well-positioned to take advantage of industry trends that are propelling the growth of the fractional aircraft market. In addition, upon closing of the transaction, Avantair will be the only publicly-traded pure play fractional aircraft company."
Mr. Steve Santo, CEO of Avantair, added, "We believe individuals and businesses are becoming more aware of the benefits of private aviation. Avantair offers a unique alternative to commercial aviation and other fractional operators at a very competitive price point. This transaction will provide Avantair with the necessary capital to grow the fleet and expand the number of fixed base operations, which will provide economies of scale and enable us to continue our strong track record of revenue growth. Speaking on behalf of the management team of Avantair, we welcome the wealth of aviation and public company experience that the entire Ardent management team brings to the business combination and believe they will be a great asset to Avantair."
SOURCE: Ardent Acquisition Corp.