Excalibur Aerospace (Pty) Ltd, a service provider to the aviation industry, just bought the majority stake of South Africa's latest low-cost airline airline Velvet Sky from steel and engineering group Macdonald Holdings for an undisclosed amount.
Macdonald Holdings chairperson Cecil Reddy was quoted saying that "Excalibur Aerospace will no doubt continue to grow the business through their service-oriented approach, expansion plans into Africa and commitment to providing affordable air travel to South African commuters".
Velvet Sky saw its inaugural flight take off from OR Tambo International Airport in Johannesburg to Durban on 22 March 2011. The airline is currently operating a Boeing 737, which it sourced from international aircraft leasing company Aergo.
Excalibur is now planning to introduce three additional aircraft to the Velvet Sky fleet within the next 12 months, with the first being introduced by mid-August 2011.