Posted on: 07 July 2016 by Mark Howells
A Canadian investor group led by Stornoway Portfolio Managementhas agreed to purchase the onboard business of GuestLogix. No transaction details have been disclosed.
GuestLogix has been operating under court protection from creditors since February and has been working with PricewaterhouseCoopers to find buyers for some or all of its assets.In May it closed the sale of subsidiary OpenJaw to an affiliate of TravelSky Technology for US$38.5 million.“We are very pleased to enter into an agreement that will mark a new chapter in the growth of GuestLogix. Our group, made up of successful professional investors and technology entrepreneurs, shares a long-term vision of building GuestLogix into a leading Canadian technology vendor for the travel industry. We look forward to working closely with the Company’s customers, industry partners and its talented employees to deliver an exceptional onboard transaction experience, from a renewed and stabilised platform,” said Scott Reid, president of Stornoway Portfolio Management, on behalf of the investor group.According to a statement, GuestLogix will refocus exclusively on the onboard retail experience, by way of its next generation onboard retail platform and mobile-based solutions that are currently in use by several leading airlines.Following the completion of the transaction, expected to close by 30 September, the Company will continue to operate as GuestLogix Inc. and its head office will remain in Toronto, Ontario.Other members of the investor group include Bridgecorp Canada, Logan Peak Capital and Klass Capital Corporation.