US investment in British cargo carrier
Bournemouth (UK)-based European Cargo Limited (ECL) has closed a significant minority equity investment by Priority 1 Logistics Holdings, a newly formed subsidiary of USA-based Priority 1 Holdings.
Proceeds of the investment will be used to eliminate third-party debt, convert EAL's A340 fleet to full cargo freighters, acquire additional aircraft, complete heavy maintenance checks and for shareholder dividends.
Douglas Brennan, executive chairman of Priority 1: "Expanding our business into the cargo market represents a very exciting opportunity given the outsized demand for reliable air freighters due to strong trends in the marketplace, including the growing importance of e-commerce and reliable delivery of PPE. Together, we will help fuel the growth of ECL to build a powerful global cargo operator." (ah)